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Policy Research Working Papers
We test several propositions derived by Vishny (1994, 1996) about the effects of privatization and stabilization (hard budget constraints) on enterprise behavior. We document the changes in financing, employment, and operating efficiency that occur in over 6,300 manufacturing enterprises in seven Central and Eastern European countries (). We then compare the relative performance of privatized and still state-owned enterprises. Controlling for institutional differences and endogeneity ofdoi:10.1596/1813-9450-1954 fatcat:3sp56bemkfarjie5liwd3ggppa