In this paper, I reflect on selected economic and institutional indicators of Croatia and Bulgaria ahead of the countries' potential adoption of the euro in 2023 and 20243, respectively. Our aim is to assess potential benefits and risks from the perspective of (1) the two countries and (2) the...

Using firm-level data from Bulgaria and Romania, this paper addresses a lacuna in the transition literature, namely, the link of firm-level employment turnover with firm-level growth in labour productivity. The results suggest that while net job creation at the firm level was affected by...

Using a unique 3-digit firm level data set of all medium and large sized manufacturing enterprises in Bulgaria covering the years 1997/1998, we investigate how wage detfirmination is related to ownership status. Building on a slightly modified version of the Right-To-Manage Model, our pooled...

In this paper we investigate to what extent firm investment in transition countries is sensitive to internal finance. We use accounts data of over 4000 companies in four countries at different stages of transition. We find that firms in Bulgaria and Romania are less sensitive to internal...

This paper analyzes how imperfections of property rights affect allocation of assets and welfare, using micro-survey data from Bulgaria. Co-ownership of assets is widespread in many countries due to inheritance. Central and Eastern Europe offers an interesting natural experiment to assess the...

This paper uses representative firm level panel data of 1,701 Bulgarian and 2,047 Romanian manufacturing firms to estimate market power (i.e. price-cost margins) and to analyze how these are affected by privatization and increased competitive pressure. In contrast to earlier work that analyzes...

In this paper, we analyze the effects of trade, concentration and ownership on the pricing behavior of firms in two transition countries, Bulgaria and Romania. We use an extensive dataset of more than 3000 firms and sector level infirmation to estimate the effects of these three factors on the...