Is Russia Restructuring? New Evidence on Job Creation and Destruction (original) (raw)
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What kind of privatization program is best suited to either are not available or are unreliable. stimulate enterprisc restructuring in former centrally The only objective measure availablecomparable planned economies? One view, expressed by mobt across countriesis export performance. Trade data Western business and political leaders, is that reveal to what extent firms have been able to reorient privatization is best pursued case by case, with emphasis themselves to create and exploit competitive advantages. on sales to new owners, including foreign investors. We now have four years of data, cnough to get an idca Another view, espoused by a minority of "radical" of what is going on, and to comparc one Central or economists and economists-turned-politician, was that Eastern European country's performance against restructuring is best pursued through economic another's. incentives; combined with "mass" privatization of state The data suggest that the Czech Republic, the country enterprises so that they become widely held (public) joint chat has pursued mass privatization most actively and stock corporations. credibly, has also done best in restructuring its industries The ultimate test, of course, is future productivity and reorienting them toward world markets. Those that growth and rising welfare standards. We cannot yet pursued a gradualist approach-Hungary being the measurc these. The disaggregaped data on production main examplehave changed their export structure and employment by industry required for such a measure less, but export growth has also been above average. This paper-a product of the Finance and Private Sector Development Division, Europe and Central Asia, and Middle East and North Africa Regions, Technical Departmcntis part of a larger cffort in the region to analyze progrcss-and policy options in transition economies. Copies of this paper are availablc free from the World Bank,