Sorry.
You are not permitted to access the full text of articles.
If you have any questions about permissions,
please contact the Society.
์ฃ์กํฉ๋๋ค.
ํ์๋์ ๋ ผ๋ฌธ ์ด์ฉ ๊ถํ์ด ์์ต๋๋ค.
๊ถํ ๊ด๋ จ ๋ฌธ์๋ ํํ๋ก ๋ถํ ๋๋ฆฝ๋๋ค.
[ Article ] | |
Seoul Journal of Economics - Vol. 30, No. 2, pp. 159-178 | |
Abbreviation: SJE | |
ISSN: 1225-0279 (Print) | |
Print publication date 30 May 2017 | |
Received 26 Jul 2016 Revised 02 Jan 2017 Accepted 03 Jan 2017 | |
Interaction among New Firm Formation, Privatization, and Business Environment in Transition Countries | |
Youngho Kang ; Byung-Yeon Kim ; Jong-Kyu Lee
| |
Youngho Kang, Department of Economics, Soongsil University, Seoul, Korea, Tel: +82-2-820-0564, Fax: +82-2-824-4384 (yhkang@ssu.ac.kr) | |
Byung-Yeon Kim, Department of Economics, Seoul National University, Seoul, Korea, Tel: +82-2-880-6370, Fax: +82-2-886-4231 (kimby@snu.ac.kr) | |
Jong-Kyu Lee, Corresponding author, Korea Development Institute, Seoul, Korea, Tel: +82-44-550-4097, Fax: +82-44-550-4090 (jklee@kdi.re.kr) | |
Funding Information ▼ | |
JEL Classification: M13, P2 |
The formation of new private firms can facilitate transition from socialism to a market economy. This study uses data from transition economies to investigate the effects of large-scale privatization and the barriers to the establishment of new firms. It finds that large-scale privatization positively affects the formation of new firm, but such effects disappear as the costs of start-up increase. These results imply that both privatization and favorable business environments are necessary for firm creation.
Keywords: New firms, Large-scale privatization, Start-up costs |
B.-Y. Kim acknowledges that this work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2016S1A5B8924523).
1. | Arellano, M. and Bover, O. “Another Look at Instrumental Variable Estimation of Error Component Models.” Journal of Econometrics 68 (No. 1 1995): 29-51. |
2. | Barberis, N., Boycko, M., Shleife, A., and Tsukanova, N. “How Does Privatisation Work? Evidence from the Russian Shops.” Journal of Political Economy 104 (No. 4 1996): 764-90. |
3. | Belka, M., Estrin, S., Schaffer, M., and Singh, I. Enterprise Adjustment in Poland: Evidence from a Survey of 200 Private, Privatised, and State-Owned Firms. CEPR Discussion Paper No. 233, London: Centre for Economic Policy Research, 1995. |
4. | Berg, A., Borensztein, E., Sahay, R., and Zettlemeyer, J. The Evolution of Output in the Transition Economies: Explaining the Differences. IMF Working Paper No. 73, 1999. |
5. | Blanchard, O. The Economics of Post-Communist Transition. Oxford: Clarendon Press, 1997. |
6. | Djankov, S. and Murrel, P. “Enterprise Restructuring in Transition: A Quantitative Survey.” Journal of Economic Literature 40 (No. 3 2002): 739-92. |
7. | Earle, J. and Estrin, S. “After Voucher Privatisation: The Structure of Corporate Governance in Central Europe and Russia.” In Roman Frydman, Cheryl Gray, and Andrzej Rapaczynski (eds.), Vol. 2, U.K.: Central European University Press, 1997. |
8. | Estrin, S., Hanousek, J., Kogenda, E., and Svejnar, J. “The Effects of Privatisation and Ownership in Transition Economies.” Journal of Economic Literature 47 (No. 3 2009): 699-728. |
9. | Fischer, Stanley, and Ratna Sahay. The transition economies after ten years. National Bureau of Economic Research No. w7664, 2000. |
10. | Guo, Y., Gan, J., and Xu, C. “A Nationwide Survey of Privatized Firms in China.” Seoul Journal of Economics 21 (No. 2 2008): 311-31. |
11. | Hanson, P. “The Russian Economic Puzzle: Gong Forwards, Backwards, or Sideways?.” International Affairs 83 (No. 5 2007): 869-89. |
12. | Hare, P. “Privatisation in Comparative Perspective: An Overview of the Emerging Issues.” In Estrin, S. (ed.), Privatisation in Central and western Europe. Essex: Longman Group, pp. 31-53, 1994. |
13. | Havrylyshyn, O., and McGettigan, D. “Privatization in Transition Countries.” Post-Soviet Affairs 16 (No. 3 2000): 257-86. |
14. | Jackson, J., Klich, J., and Poznanska, K. The Political Economy of Poland’s Transition: New Firms and Reform Governments, Cambridge: Cambridge University Press, 2005. |
15. | Johnson, S., Kaufmann, D., and Shleifer, A. Politics and Entrepreneurship in Transition Economies. The William Davidson Institute Working Paper No. 57, 1997. |
16. | Klapper, L., Amit, R., and Guillen, M. “Entrepreneurship and Firm Formation Across Countries.” In Lerner, J., and Shoar, A. (eds.), NBER Volume on International Differences in Entrepreneurship. U.S.A.: University of Chicago Press, 2010. |
17. | Klapper, L., and Love, I. The Impact of Business Environment Reforms on New Firm Registration. World Bank Paper, 2011. |
18. | Konings, J., and Walsh, P. “Disorganisation in the Process of Transition: Firm Level Evidence from Ukraine.” Economics of Transition 7 (No. 1 1999): 29-46. |
19. | Kornai, J. “Transformational Recession: The Main Causes.” Journal of Comparative Economics 19 (No. 1 1994): 39-63. |
20. | Mickiewicz, T. Economic Transition in Central Europe and Commonwealth of Independent States. New York: Palgrave McMillan, 2005. |
21. | Murrell, P. “The Transition According to Cambridge Massachusetts.” The Journal of Economic Literature 33 (No. 1 1995): 164-78. |
22. | Nellis, J. Time to Rethink Privatization in Transition Economies?. IFC Discussion Paper No. 38, Washington, DC: World Bank, 1999. |
23. | Pohl, G., Anderson, R., Claessens, S., and Djankov., S. Privatisation and Restructuring in Central and western Europe: Evidence and Policy Options. World Bank Technical Paper No. 368, 1997. |
24. | Rajan, R. and Zingales, L. The Emergence of Strong Property Rights. NBER Working Paper No. 9478, 2003. |
25. | Sachs, J., Zinnes, C., and Eliat, Y. The Gains from Privatisation in Transition Economies: Is Change of Ownership Enough?. Harvard Institute for International Development Discussion Paper No. 63, 2000. |
26. | Scarpetta, S., Hemmings, P., Tressel, T., and Woo, J. The Role of Policy and Institutions for Productivity and Firm Dynamics: Evidence from Micro and Industry Data. OECD Working Paper No. 329, 2002. |
27. | Ticha, M. “State or Private Ownership? A Survey of Empirical Studies.” Review of Economic Perspectives 12 (No. 2 2012): 120-44. |
28. | Yeager, T. Institutions, Transition Economies, and Economic Development. Colorado: Westviews Press, 1999. |
29. | Zecchini, S. Lessons from the Transition: Central and western Europe in the 1990s. Dordrecht: Kluwer Academic, 1997. |
30. | Zinnes, C., Y. Eilat, and J. Sachs. The Gains from Privatization in Transition Economies: Is “Change of Ownership” Enough? IMF Staff Paper No. 48, 2001. |
Editorial Office, Seoul Journal of Economics, Institute of Economic Research, Seoul National University 599 Gwanangno, Gwanak-gu, Seoul 151-746, Korea
Tel: +82-2-880-5434 | Fax: +82-2-888-4454 | E-mail: sje@plaza.snu.ac.kr
Copyright (c) 2020 SJE. All rights reserved.