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Author | : European Commission. Directorate-General for Economic and Financial Affairs |
Publisher | : |
Total Pages | : 50 |
Release | : 2012 |
Genre | : Balance of payments |
ISBN | : |
Download Macroeconomic Imbalances - Bulgaria Book in PDF, ePub and Kindle
This in-depth review takes a broad view of the Bulgarian economy in order to identify actual or potential imbalances and the possible macroeconomic risks which they may entail. Following an economic boom in 2006-2008, the necessary adjustment is taking place. But the burden on the labour market is unnecessarily high. Moreover, more needs to be done to ensure the sustainability of the adjustment once the economy recovers to its growth trend. The main observations of this review are: Following EU accession, some notable internal and external imbalances built up in the Bulgarian economy. The labour market has been hit hard by the crisis and the reintegration of low-skilled workers has proven difficult. The main labour market challenges relate to skills mismatches in some sectors and regions. Despite a pronounced deceleration, unit labour cost (ULC) growth remains one of the fastest in the EU. The current account adjustment is largely structural and is driven by sizable export market share gains, but major vulnerabilities remain. Deleveraging of the corporate sector is on-going, but the still high level of indebtedness will lengthen the adjustment process and keep the corporate sector vulnerable to changes in market sentiment. Fiscal policy is facilitating the adjustment process. In this context, the in-depth review concludes that Bulgaria is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, the level of external indebtedness as well as certain macroeconomic developments related to corporate sector deleveraging and the adjustment process through labour markets deserve attention so as to reduce the risk of adverse effects on the functioning of the economy. Possible policy responses should focus on reducing skills and regional labour market mismatches and on reviewing the minimum thresholds for social security contributions. Also, emphasis on boosting total factor productivity remains crucial given that the deleveraging of the corporate sector will probably dampen investment. As a small open catching-up economy with unfettered capital flows and a fixed exchange rate tends to be inherently volatile, macroeconomic policies and banking regulation in Bulgaria should focus on reducing the risks of repeating boom-cycles and on strengthening the risk absorption capacity of economic agents.
Author | : European Commission. Directorate-General for Economic and Financial Affairs |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : |
ISBN | : 9789279228827 |
Download Macroeconomic Imbalances Book in PDF, ePub and Kindle
Author | : Rumen Dobrinsky |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Coping with Macroeconomic Imbalances: Bulgaria's Experience During the Global Turmoil Book in PDF, ePub and Kindle
Author | : European Commission. Directorate-General for Economic and Financial Affairs |
Publisher | : |
Total Pages | : 41 |
Release | : 2013 |
Genre | : Bulgaria |
ISBN | : 9789279285462 |
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"On 28 November 2012, the European Commission presented its second Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific "in-depth reviews" should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, presented on 21 March 2013, the Commission will conclude whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State.."--Document home page.
Author | : |
Publisher | : |
Total Pages | : 0 |
Release | : 2014 |
Genre | : Economic forecasting |
ISBN | : 9789279361302 |
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Bulgaria continues to experience macroeconomic imbalances, which require monitoring and policy action. In particular, the protracted adjustment of the labour market warrants policy actions, while the correction of the external position and corporate deleveraging are progressing well. -- EU Bookshop.
Author | : Andrés Solimano |
Publisher | : World Bank Publications |
Total Pages | : 56 |
Release | : 1991 |
Genre | : Bulgaria |
ISBN | : |
Download Inflation and Growth in the Transition from Socialism Book in PDF, ePub and Kindle
A fragile political-macroeconomic equilibrium is bound to result in high inflation in the transition from socialism. The collapse of growth in Bulgaria is the result of cuts in oil deliveries from the Soviet Unions and Iraq, domestic dislocation in the supply of inputs following the dismantling of central planning, and the contraction of the Soviet market.
Author | : |
Publisher | : |
Total Pages | : 69 |
Release | : 2015 |
Genre | : Bulgaria |
ISBN | : 9789279448829 |
Download Macroeconomic Imbalances, Country Report -- Bulgaria 2015 Book in PDF, ePub and Kindle
"This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Bulgaria. In-depth reviews are embedded in a comprehensive country report.."--Document home page.
Author | : Derek C Jones |
Publisher | : Routledge |
Total Pages | : 350 |
Release | : 2019-01-22 |
Genre | : Business & Economics |
ISBN | : 0429790503 |
Download The Bulgarian Economy Book in PDF, ePub and Kindle
First published in 1997, this volume examines how Bulgaria has been an early starter, but a slow and often erratic mover in the path of stabilization and systemic transition. This book provides a most useful account of the development to date, and of the costs associated with Bulgarian strategy (or lack of), empirical analysis and theoretical reflections, especially in comparison with other transition economies. It will be of great interest to any scholar, official or businessman involved not only with Bulgaria, but more generally with post-communist countries.
Author | : Blagoy Kitanov |
Publisher | : GRIN Verlag |
Total Pages | : 29 |
Release | : 2010-08 |
Genre | : Business & Economics |
ISBN | : 3640673379 |
Download The Bulgarian Financial Crisis Of 1996-1997 Book in PDF, ePub and Kindle
Essay from the year 2009 in the subject Economics - Economic Cycle and Growth, grade: A, Central European University Budapest, language: English, abstract: Since the fall of communism in the end of 1989 Bulgaria has been experiencing severe economic difficulties. In 1996 the problems of the country's transition culminated in one of the most severe banking and currency crises in Eastern Europe - the Bulgarian financial crisis of 1996-1997. The main objectives of this paper are to outline the structural vulnerabilities that led to the crisis, to identify the key characteristics of the "twin" crisis and to analyze the rent-seeking nature of Bulgarian transition. I will argue that the crisis was an outcome of a moral hazard problem in the Bulgarian economic agents' behavior and the inadequate and unsustainable policies of the government in the period 1990-1997. The legacies of state-controlled economy were too slow to be overthrown and structural reforms were by and large not implemented up until 1997.
Author | : John R. Lampe |
Publisher | : Routledge |
Total Pages | : 245 |
Release | : 1986 |
Genre | : Bulgaria |
ISBN | : 9780709916444 |
Download The Bulgarian Economy in the Twentieth Century Book in PDF, ePub and Kindle