Mongolia's mass privatization program was implanted in a country that lacked the very basic institutions of capitalism. This paper examines the effects of competition and ownership on the efficiency of the newly privatized enterprises, using a representative sample of enterprises and controlling...

A methodology is presented for transaction-cost measurement using reports from businesses. In Romania, transaction costs related to buying and selling are more than 20% of value added. The estimates correlate significantly with variables suggested by theory, indicating validity

Self-regulation is common, but comparative analysis of self-regulation and government regulation is rare. This paper identifies conditions determining whether regulation is delegated or centralized, analyzing the welfare implications of regulatory regime choice. Because regulatory authority...

Institutional reform is much emphasized in transition countries, but the process of constructing workable institutions is not well understood. One element of this process that has often been neglected is the generation of empirical information that can aid in the process of institutional design....