Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses 2011 and 2012. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-term fiscal position, further reduce inflation, and,...

An article reviewing Bulgaria's early market reforms implemented under harsh external conditions and considerable dislocation of the local economy. The article predicted that realistic growth scenarios for must be predicated on a debt and debt service reduction on Bulgaria's large external...

The note provides an argument for a rapid economic transition in Eastern Europe, inter alia, by comparing and contrasting the initial conditions and different institutional environments in Eastern Europe and China

An early review of the general phenomenon of the transition - privatization of profits of state enterprises - in the case of Bulgaria, highlighting its impact on the pace of privatization and tax reform

The paper reviews legal, institutional and enforcement problems behind the lack of collateral credit to private firms in the early transition in Bulgaria. It also quantifies the cost of these problems and outlines an approach to reform of collateral institutions in order to increase the supply...

The report provides a comprehensive assessment of private sector environment in Bularia in the early years of the transition, as well as a policy road map for future development of a competitive private sector

Bulgaria is one in the group of Eastern European countries in which single-party communist rule came to an end in 1989. This paper presents an overview of the consequent political change and economic policy in Bulgaria as the transition progressed, up until the end of 1994

The paper reviews the introduction of the value-added tax in Bulgaria, design and implementation issues and assesses the early revenue performance. The analysis is relevant for other countries contemplating the introduction of the value-added tax

The paper synthesizes general lessons of Bulgaria's experience with public finance reforms in the early transition arising from the 14-paper volume FINANCING GOVERNMENT IN THE TRANSITION: BULGARIA, Political Economy of Tax Policies, Tax Bases, and Tax Evasion, World Bank Regional and Sectoral...