Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
Tradeflow Study - UNDP Black Sea Trade and Investment Promotion ...
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Annex 3. Transition Indicators computed by the EBRD<br />
The principal sources of data have been the World Bank, IMF <strong>and</strong> EBRD databases. The EBRD<br />
constructs a number of indices which provide an interpretation of the level of implementation of<br />
market reforms. The explanation of the scoring system used by the EBRD is given below.<br />
Score<br />
Large scale<br />
privatisation<br />
Small scale<br />
privatisation<br />
Enterprise<br />
restructuring<br />
Price<br />
liberalisation<br />
<strong>Trade</strong> &<br />
Forex<br />
system<br />
Competition<br />
Policy<br />
1 Little private<br />
ownership<br />
2 Comprehensive<br />
scheme almost<br />
ready for<br />
implementation;<br />
some sales<br />
completed<br />
3 More than 25%<br />
of large-scale<br />
enterprise<br />
assets in private<br />
h<strong>and</strong>s or in the<br />
process of being<br />
privatised, but<br />
possibly with<br />
major<br />
unresolved<br />
issues regarding<br />
corporate<br />
governance<br />
4 More than 50 %<br />
of state-owned<br />
enterprise <strong>and</strong><br />
farm assets in<br />
private<br />
ownership <strong>and</strong><br />
significant<br />
progress with<br />
corporate<br />
governance of<br />
these<br />
enterprises<br />
4+ St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies<br />
Little private<br />
ownership<br />
Substantial<br />
share privatised<br />
Comprehensive<br />
programme<br />
almost ready<br />
for<br />
implementation<br />
Complete<br />
privatisation of<br />
small<br />
companies with<br />
tradable<br />
ownership<br />
rights<br />
St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies<br />
Soft budget<br />
restraints<br />
Moderately right<br />
credit <strong>and</strong><br />
subsidy policy<br />
but weak<br />
enforcement of<br />
bankruptcy<br />
legislation<br />
Significant <strong>and</strong><br />
sustained<br />
actions to<br />
harden budget<br />
constraints <strong>and</strong><br />
promote efficient<br />
corporate<br />
governance<br />
Substantial<br />
improvement in<br />
corporate<br />
governance <strong>and</strong><br />
significant new<br />
investment at<br />
the enterprise<br />
level<br />
St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies<br />
Most prices<br />
controlled by gvt<br />
Some lifting of<br />
price<br />
administration<br />
Significant price<br />
liberalisation but<br />
state<br />
procurement at<br />
non-market<br />
prices is<br />
substantial<br />
Comprehensive<br />
price<br />
liberalisation;<br />
only small<br />
number of<br />
administered<br />
prices<br />
St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies<br />
Widespread<br />
import/export<br />
controls<br />
Some<br />
liberalisation<br />
of<br />
imports/export<br />
controls<br />
Removal of<br />
almost all<br />
quantitative<br />
<strong>and</strong><br />
administrative<br />
restrictions;<br />
almost full<br />
current<br />
account<br />
convertibility<br />
Removal of all<br />
quantitative<br />
<strong>and</strong> qualitative<br />
restrictions<br />
<strong>and</strong> all<br />
significant<br />
export tariffs.<br />
Full current<br />
account<br />
convertibility<br />
St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies<br />
No competition<br />
policy or<br />
institutions<br />
Competition<br />
legislation set up<br />
<strong>and</strong> some<br />
reduction of entry<br />
restrictions<br />
Some<br />
enforcement<br />
actions to reduce<br />
abusive practices<br />
Significant<br />
enforcement<br />
actions to reduce<br />
abuse of market<br />
dominance<br />
St<strong>and</strong>ards <strong>and</strong><br />
performance<br />
typical of<br />
advanced<br />
economies
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