Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies
This paper uses firm-level data from the Business Environment and Enterprise Performance Surveys to study the process of convergence of transition countries with developed market economies. The study focuses on competition and market structure, fin...
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| Format: | Policy Research Working Paper |
| Language: | English |
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2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090113083329 http://hdl.handle.net/10986/4017 |
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okr-10986-4017 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ADVANCED COUNTRIES BANK BORROWING BANK FINANCING BANK LOAN BRANCHES BUSINESS CYCLE BUSINESS ENVIRONMENT BUSINESS INFRASTRUCTURE CAPITAL ACCUMULATION CAPITAL MARKETS CAPITAL STOCK CAPITALIST ECONOMIES COMPETITIVE MARKET COMPETITIVE MARKETS COMPETITORS COST OF FINANCE COUNTRY DUMMIES DEVELOPING COUNTRIES DOMESTIC COMPETITION DOMESTIC COMPETITIONS DOMESTIC MARKET DOWNSIZING DUMMY VARIABLE DUMMY VARIABLES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RECOVERY ECONOMIC STRUCTURE ECONOMICS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE FINANCE ENTERPRISE PERFORMANCE ENTERPRISE RESTRUCTURING ENTREPRENEURSHIP EQUITY FINANCING EXPANSION EXPORTERS EXTERNAL FINANCE EXTERNAL FINANCING FACTOR MARKETS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SECTOR FINANCING OBSTACLES FIRM GROWTH FIRM PERFORMANCE FIRM SIZE FIRMS FIXED INVESTMENT FOREIGN COMPETITION FOREIGN MARKETS FOREIGN OWNERS FOREIGN OWNERSHIP GLOBALIZATION GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATES INFORMAL FINANCE INNOVATION INSTRUMENT INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL TRADE INVESTMENT CLIMATE JOB CREATION JOB CREATION RATES LABOR MARKET LABOR PRODUCTIVITY LEGAL PROTECTION LEGAL SYSTEM LENDERS LICENSING LIVING STANDARDS LOAN LOANS FROM FAMILY LOCAL MARKET LOW-INCOME COUNTRY MARKET CONDITIONS MARKET ECONOMIES MARKET ECONOMY MARKET ENVIRONMENT MARKET POWER MARKET STRUCTURE MATURE MARKET MONEY LENDERS MONOPOLY MOTIVATION NEGATIVE SHOCK NEW MARKET NEW MARKETS NEW PRODUCT NEW PRODUCTS OLIGOPOLY OUTPUT OWNERSHIP STRUCTURE PRICE ELASTICITY OF DEMAND PRIVATE SECTOR GROWTH PRIVATIZATION PRODUCT MARKETS PRODUCT QUALITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFIT OPPORTUNITIES PROPERTY RIGHTS RAPID EXPANSION RAPID GROWTH RETURN RISK MANAGEMENT SALES SIZE OF FIRMS SMALL FIRM SMALL FIRMS SOCIALIST ENTERPRISES SOFT BUDGET CONSTRAINT SOFT BUDGET CONSTRAINTS STARTUP STATE BANK STATE BANKS STOCK MARKETS SUPPLIERS SUSTAINABLE GROWTH TRADING TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION ECONOMY USE OF BANK CREDIT |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ADVANCED COUNTRIES BANK BORROWING BANK FINANCING BANK LOAN BRANCHES BUSINESS CYCLE BUSINESS ENVIRONMENT BUSINESS INFRASTRUCTURE CAPITAL ACCUMULATION CAPITAL MARKETS CAPITAL STOCK CAPITALIST ECONOMIES COMPETITIVE MARKET COMPETITIVE MARKETS COMPETITORS COST OF FINANCE COUNTRY DUMMIES DEVELOPING COUNTRIES DOMESTIC COMPETITION DOMESTIC COMPETITIONS DOMESTIC MARKET DOWNSIZING DUMMY VARIABLE DUMMY VARIABLES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RECOVERY ECONOMIC STRUCTURE ECONOMICS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE FINANCE ENTERPRISE PERFORMANCE ENTERPRISE RESTRUCTURING ENTREPRENEURSHIP EQUITY FINANCING EXPANSION EXPORTERS EXTERNAL FINANCE EXTERNAL FINANCING FACTOR MARKETS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SECTOR FINANCING OBSTACLES FIRM GROWTH FIRM PERFORMANCE FIRM SIZE FIRMS FIXED INVESTMENT FOREIGN COMPETITION FOREIGN MARKETS FOREIGN OWNERS FOREIGN OWNERSHIP GLOBALIZATION GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATES INFORMAL FINANCE INNOVATION INSTRUMENT INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL TRADE INVESTMENT CLIMATE JOB CREATION JOB CREATION RATES LABOR MARKET LABOR PRODUCTIVITY LEGAL PROTECTION LEGAL SYSTEM LENDERS LICENSING LIVING STANDARDS LOAN LOANS FROM FAMILY LOCAL MARKET LOW-INCOME COUNTRY MARKET CONDITIONS MARKET ECONOMIES MARKET ECONOMY MARKET ENVIRONMENT MARKET POWER MARKET STRUCTURE MATURE MARKET MONEY LENDERS MONOPOLY MOTIVATION NEGATIVE SHOCK NEW MARKET NEW MARKETS NEW PRODUCT NEW PRODUCTS OLIGOPOLY OUTPUT OWNERSHIP STRUCTURE PRICE ELASTICITY OF DEMAND PRIVATE SECTOR GROWTH PRIVATIZATION PRODUCT MARKETS PRODUCT QUALITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFIT OPPORTUNITIES PROPERTY RIGHTS RAPID EXPANSION RAPID GROWTH RETURN RISK MANAGEMENT SALES SIZE OF FIRMS SMALL FIRM SMALL FIRMS SOCIALIST ENTERPRISES SOFT BUDGET CONSTRAINT SOFT BUDGET CONSTRAINTS STARTUP STATE BANK STATE BANKS STOCK MARKETS SUPPLIERS SUSTAINABLE GROWTH TRADING TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION ECONOMY USE OF BANK CREDIT Mitra, Pradeep Muravyev, Alexander Schaffer, Mark E. Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| geographic_facet |
Europe and Central Asia Europe and Central Asia The World Region The World Region |
| relation |
Policy Research working paper ; no. WPS 4819 |
| description |
This paper uses firm-level data from the
Business Environment and Enterprise Performance Surveys to
study the process of convergence of transition countries
with developed market economies. The study focuses on
competition and market structure, finance and the structure
of lending to firms, and how firms respond to the economic
environment by restructuring. The authors find substantial
evidence of convergence in a number of dimensions. The
pattern of growth at the country, sector, and firm levels
shows rapid growth of the new private sector and of the
micro and small-firm sectors, with the size distribution of
firms moving toward the pattern observed in the surveys of
developed market economies. In finance, increasing reliance
on retained earnings in transition countries reflects a
maturation of the sector as new firms come to rely less on
informal and family sources of finance. The authors find
evidence of an inverse-U pattern, with the peak of
restructuring activity taking place in 2002, the middle of
the period analyzed. Throughout, the regional patterns
suggest greater convergence in the transition countries that
joined the European Union in 2004 than in the other,
lower-income transition economies. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Mitra, Pradeep Muravyev, Alexander Schaffer, Mark E. |
| author_facet |
Mitra, Pradeep Muravyev, Alexander Schaffer, Mark E. |
| author_sort |
Mitra, Pradeep |
| title |
Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| title_short |
Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| title_full |
Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| title_fullStr |
Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| title_full_unstemmed |
Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies |
| title_sort |
convergence in institutions and market outcomes : cross-country and time-series evidence from the business environment and enterprise performance surveys in transition economies |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090113083329 http://hdl.handle.net/10986/4017 |
| _version_ |
1764389518314569728 |
| spelling |
okr-10986-40172021-04-23T14:02:14Z Convergence in Institutions and Market Outcomes : Cross-country and Time-series Evidence from the Business Environment and Enterprise Performance Surveys in Transition Economies Mitra, Pradeep Muravyev, Alexander Schaffer, Mark E. ACCOUNTING ACCOUNTING STANDARDS ADVANCED COUNTRIES BANK BORROWING BANK FINANCING BANK LOAN BRANCHES BUSINESS CYCLE BUSINESS ENVIRONMENT BUSINESS INFRASTRUCTURE CAPITAL ACCUMULATION CAPITAL MARKETS CAPITAL STOCK CAPITALIST ECONOMIES COMPETITIVE MARKET COMPETITIVE MARKETS COMPETITORS COST OF FINANCE COUNTRY DUMMIES DEVELOPING COUNTRIES DOMESTIC COMPETITION DOMESTIC COMPETITIONS DOMESTIC MARKET DOWNSIZING DUMMY VARIABLE DUMMY VARIABLES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RECOVERY ECONOMIC STRUCTURE ECONOMICS EMPLOYMENT EMPLOYMENT GROWTH ENTERPRISE FINANCE ENTERPRISE PERFORMANCE ENTERPRISE RESTRUCTURING ENTREPRENEURSHIP EQUITY FINANCING EXPANSION EXPORTERS EXTERNAL FINANCE EXTERNAL FINANCING FACTOR MARKETS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SECTOR FINANCING OBSTACLES FIRM GROWTH FIRM PERFORMANCE FIRM SIZE FIRMS FIXED INVESTMENT FOREIGN COMPETITION FOREIGN MARKETS FOREIGN OWNERS FOREIGN OWNERSHIP GLOBALIZATION GROWTH RATE GROWTH RATES HUMAN CAPITAL INCOME INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATES INFORMAL FINANCE INNOVATION INSTRUMENT INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL TRADE INVESTMENT CLIMATE JOB CREATION JOB CREATION RATES LABOR MARKET LABOR PRODUCTIVITY LEGAL PROTECTION LEGAL SYSTEM LENDERS LICENSING LIVING STANDARDS LOAN LOANS FROM FAMILY LOCAL MARKET LOW-INCOME COUNTRY MARKET CONDITIONS MARKET ECONOMIES MARKET ECONOMY MARKET ENVIRONMENT MARKET POWER MARKET STRUCTURE MATURE MARKET MONEY LENDERS MONOPOLY MOTIVATION NEGATIVE SHOCK NEW MARKET NEW MARKETS NEW PRODUCT NEW PRODUCTS OLIGOPOLY OUTPUT OWNERSHIP STRUCTURE PRICE ELASTICITY OF DEMAND PRIVATE SECTOR GROWTH PRIVATIZATION PRODUCT MARKETS PRODUCT QUALITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFIT OPPORTUNITIES PROPERTY RIGHTS RAPID EXPANSION RAPID GROWTH RETURN RISK MANAGEMENT SALES SIZE OF FIRMS SMALL FIRM SMALL FIRMS SOCIALIST ENTERPRISES SOFT BUDGET CONSTRAINT SOFT BUDGET CONSTRAINTS STARTUP STATE BANK STATE BANKS STOCK MARKETS SUPPLIERS SUSTAINABLE GROWTH TRADING TRANSITION COUNTRIES TRANSITION COUNTRY TRANSITION ECONOMIES TRANSITION ECONOMY USE OF BANK CREDIT This paper uses firm-level data from the Business Environment and Enterprise Performance Surveys to study the process of convergence of transition countries with developed market economies. The study focuses on competition and market structure, finance and the structure of lending to firms, and how firms respond to the economic environment by restructuring. The authors find substantial evidence of convergence in a number of dimensions. The pattern of growth at the country, sector, and firm levels shows rapid growth of the new private sector and of the micro and small-firm sectors, with the size distribution of firms moving toward the pattern observed in the surveys of developed market economies. In finance, increasing reliance on retained earnings in transition countries reflects a maturation of the sector as new firms come to rely less on informal and family sources of finance. The authors find evidence of an inverse-U pattern, with the peak of restructuring activity taking place in 2002, the middle of the period analyzed. Throughout, the regional patterns suggest greater convergence in the transition countries that joined the European Union in 2004 than in the other, lower-income transition economies. 2012-03-19T19:08:25Z 2012-03-19T19:08:25Z 2009-01-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090113083329 http://hdl.handle.net/10986/4017 English Policy Research working paper ; no. WPS 4819 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper Europe and Central Asia Europe and Central Asia The World Region The World Region |