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This paper argues that traditional explanations of the fiscal crisis in transition economies overlook the crucial interconnection between the reduction in subsidies expenditure and the decrease in profit tax revenues. It thus contends that the impact on the fiscal budget of the crisis of...
Persistent link: https://www.econbiz.de/10008470364
with a boost in aggregate public spending. For Bulgaria, fiscal stimulus programs proved to present their own unique set of …
Persistent link: https://www.econbiz.de/10009493720
group. Bulgaria in 1996-1997 represents the first episode of a full-scale financial crisis, involving drastic currency … domestic and, although severe, were restricted to Bulgaria. Russia's financial crisis in August 1998, despite similar … characteristics and domestic roots as in Bulgaria, had an important international dimension. On the one hand, the first speculative …
Persistent link: https://www.econbiz.de/10008632977
The paper examines the nature of the Bulgarian banking and currency crises in 1996.1997 and evaluates the causal link between them. The analysis shows that the banking crisis has resulted from slow structural reforms, inefficient prudential regulation and prolonged unsound lending practices. The...
Persistent link: https://www.econbiz.de/10008633071
This study constitutes part of the "Support for Economic Reforms in Bulgaria" project conducted by the Center for … in Bulgaria and Poland, - conduct a cross-country comparison of the fiscal effects of privatization in Bulgaria and … and negative aspects of Poland's experience that could prove relevant to Bulgaria's economic environment. This study …
Persistent link: https://www.econbiz.de/10008541400
(CASE Foundation) in Warsaw. The research was a part of an advisory project "Support for Economic Reforms in Bulgaria …
Persistent link: https://www.econbiz.de/10008541401
of the end of 1997 concluding with some policy recommendations. The countries covered by the paper (Bulgaria, Czech … countries are relatively robust although small in relation to GDP. In Bulgaria a banking crisis ended with a major …
Persistent link: https://www.econbiz.de/10008541405
The purpose of this paper is to look at implications of the EMU accession on international trade flows of the new member states with members of the enlarged EU. I begin with the evaluation of an early impact of the EMU on trade based on a gravity model. The results are then employed in the...
Persistent link: https://www.econbiz.de/10008615476
The 20th anniversary of the beginning of economic reforms in Eastern Europe and the Former Soviet Union provides a good opportunity to comment on the lessons of transition says Andrei Shleifer, a Professor of Economics at Harvard University. He made a top seven list, which might be useful to...
Persistent link: https://www.econbiz.de/10009650234
Azerbaijan’s current fiscal stance is quite strong; however, this stability is completely based on oil-related revenues. In the meantime, the situation with alternative sources of fiscal revenues is uncertain. A large part of fiscal management is built on opacity and an assessment of...
Persistent link: https://www.econbiz.de/10009650237