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Productivity, ownership, and the investment climate : international lessons for priorities in Serbia

Author

Listed:
  • Goldberg, Itzhak
  • Radulovic, Branko
  • Schaffer, Mark

Abstract

The authors use data on 27,000 firms from 50 countries, half of which are transition economies, together with the case of Serbia to examine the relationship between productivity, the investment climate, and private ownership of firms. As government capacity to address investment climate constraints is limited, the prioritization of the constraints is critical. Identification of the relative effects of various investment climate constraints and ownership on productivity should serve as aguide for such prioritization. Although ownership has recently received less attention in policy decisions than before, according to the econometric analysis of productivity reported by the authors, private ownership is an equally or more important determinant of productivity than other components of the investment climate. The importance of ownership shows that an unfinished privatization and restructuring agenda might have negative effects on productivity, in parallel to poor investment climate. Another important finding is that countries in which firms complain more about infrastructure tend to have less productive firms.

Suggested Citation

  • Goldberg, Itzhak & Radulovic, Branko & Schaffer, Mark, 2005. "Productivity, ownership, and the investment climate : international lessons for priorities in Serbia," Policy Research Working Paper Series 3681, The World Bank.
    • Handle: RePEc:wbk:wbrwps:3681
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    References listed on IDEAS

    as
    1. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
    2. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119, Decembrie.
    3. World Bank, 2003. "Serbia and Montenegro," World Bank Publications - Reports 33920, The World Bank Group.
    4. repec:ucp:ecdecc:y:2005:v:54:i:1:p:1-31 is not listed on IDEAS
    5. Geeta Batra & Daniel Kaufmann & Andrew H. W. Stone, 2003. "Investment Climate Around the World : Voices of the Firms from the World Business Environment Survey," World Bank Publications - Books, The World Bank Group, number 15143, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. World Bank, 2011. "Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia," World Bank Publications - Books, The World Bank Group, number 2316, December.
    2. Wendy Carlin & Mark Schaffer & Paul Seabright, 2006. "Where are the Real Bottlenecks? A Lagrangian Approach to Identifying Constraints on Growth from Subjective Survey Data," CERT Discussion Papers 0604, Centre for Economic Reform and Transformation, Heriot Watt University.
    3. International Monetary Fund, 2008. "Republic of Serbia: Selected Issues," IMF Staff Country Reports 2008/055, International Monetary Fund.
    4. Itzhak Goldberg & Lee Branstetter & John Gabriel Goddard & Smita Kuriakose, 2008. "Globalization and Ttechnology Absorption in Europe and Central Asia : The Role of Trade, FDI, and Cross-Border Knowledge Flows," World Bank Publications - Books, The World Bank Group, number 6445, December.

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    More about this item

    Keywords

    Economic Theory&Research; Environmental Economics&Policies; Trade and Regional Integration; Banks&Banking Reform; Governance Indicators;
    All these keywords.

    JEL classification:

    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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