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The paper examines labor market developments in the four hard-peg European Union (EU) accession candidates during transition, with a view toward understanding the persistent high unemployment experienced in each country. Despite the significant levels of unemployment in all four countries, labor...
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The large capital inflows that generated a domestic demand boom in Bulgaria led to strong employment growth. But a … sharp reduction in capital inflows led to a contraction of domestic demand, while the recession in Bulgaria’s trading …
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Bulgaria’s potential output growth in future could be markedly lower, and it may take considerable time for the excess …
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