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Market discipline and corporate efficiency: evidence from Bulgaria

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In this paper we investigate the impact of an increase in market discipline on total factor productivity (TFP) growth at the level of the firm in Bulgaria during 1991–95, focusing in particular on the effect of trade liberalization, corporatization and rationalization of conglomerates, and hard budget constraints. The data support the predicted relationship between increases in market discipline and subsequent productivity growth. Our results demonstrate the need to distinguish between exporting and non-exporting enterprises in assessing the impact of trade liberalization and the importance of taking into account other relevant policy changes. JEL Classification: F14, D24
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Document Type: Research Article

Affiliations: World Bank and CEPR

Publication date: 2000-02-01

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