IDEAS home Printed from https://ideas.repec.org/p/wbk/wbrwps/872.html
   My bibliography  Save this paper

Romania's evolving legal framework for private sector development

Author

Listed:
  • Gray, Cheryl W.
  • Hanson, Rebecca J.
  • Ianachkov, Peter G.

Abstract

As the economies of Central and Eastern Europe move from central planning and state ownership to market-driven development of private sector activity, they are undertaking comprehensive change in the"rules of the game", the legal framework for economic activity. The authors analyze the evolving legal framework for private sector development in Romania. The government has worked intensively in the last two years to create a legal framework for a market economy. It has adopted not only a new constitution but also extensive new legislation covering real and intellectual property, companies, and foreign investment. It has revived the pre-war civil code as a basis for contract law, and is moving to modernize its bankruptcy code. The only area surveyed in which little legal reform has occurred is antimonopoly law. Challenges remain in both law and practice. The broad principles of private ownership, free market exchange, and equal treatment of public and private firms are well recognized and have been largely achieved. But a tendency towards centralized, bureaucratic control remains in excessive requirements for approval and uneconomic limits on certain activities. Moreover, implementation will take a long time because there is little or no institutional framework for enforcement and dispute resolution. Developing a body of regulation and case practice will take time.

Suggested Citation

  • Gray, Cheryl W. & Hanson, Rebecca J. & Ianachkov, Peter G., 1992. "Romania's evolving legal framework for private sector development," Policy Research Working Paper Series 872, The World Bank.
    • Handle: RePEc:wbk:wbrwps:872
    as

    Download full text from publisher

    File URL: http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/1992/03/01/000009265_3961002131858/Rendered/PDF/multi0page.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. En collaboration., 1990. "Strengthening protection of intellectual property in developing countries," World Bank - Discussion Papers 112, World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ana Iolanda Vodă & Nelu Florea, 2019. "Impact of Personality Traits and Entrepreneurship Education on Entrepreneurial Intentions of Business and Engineering Students," Sustainability, MDPI, vol. 11(4), pages 1-34, February.
    2. Régis Blazy & Nicolae Stef, 2020. "Bankruptcy procedures in the post-transition economies," European Journal of Law and Economics, Springer, vol. 50(1), pages 7-64, August.
    3. Stephan, Paul III, 1996. "Toward a positive theory of privatization--lessons from soviet-type economies," International Review of Law and Economics, Elsevier, vol. 16(2), pages 173-193, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Emilio Archila & Gabriel Carrasquilla & Marcela Meléndez & Juan Pablo Uribe, 2006. "Estudio sobre la propiedad intelectual en el sector farmacéutico colombiano," Informes de Investigación 2622, Fedesarrollo.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:872. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Roula I. Yazigi (email available below). General contact details of provider: https://edirc.repec.org/data/dvewbus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.