During the last decade, countries of former Yugoslavia that are still on their EU integration process, made significant shift toward creation of new market economy. Yet, in the presence of financial crisis they have shown different methods of adjustments to a new environment. As each of them tried to overcome problems caused by economic crisis, countries created new institutional ambient that will define their development in short and medium run. Although in most cases there were no major changes in formal institutional setting, there were significant changes in business environment in which enterprises faced different set of problems and obstacles to their growth in comparison to the period before the crisis. In this paper we intend to analyze new business and institutional factors that could boost up or draw back future growth of enterprises in these countries. Using the data provided by the IMF, EBRD (Business Environment and Enterprise Performance Survey), World Economic Forum (Global Competitiveness Report) and World Bank (Doing Business) we intend to examine several aspects of business environment which turned out to be important obstacles for functioning and growth of enterprises, with an emphasis on years during and after the economic crisis. The aim of this paper is to analyze main trends in uprising problems like corruption, political influence, labor market distortions, red tape and legal environment issues etc., in order to distinguish factors that have been present before the financial crisis and those that have emerged or became dominant after the outbreak of the crisis. Also, there is evidence that there is significant difference between state owned, privatized and new private firms concerning identification of main problems for doing business. On the country level, we observe different trends in main problems development before and after the crisis, but also significant variation between the countries. There are also signs of change in state capture level in this period, although we should bear in mind that there are large methodological problems regarding calculating state capture indices for countries from this region. After identifying the main weaknesses in new business environment, we could speculate about necessary adjustments in economic policy and institutional setting in order to define pathways which would provide potential for gaining competitive advantages and overcoming the main obstacles for economic growth.
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Datum:
15.06.2011.
Br. otvaranja:
719
