This paper examines one specific aspect of the Bulgarian debt workout, namely its impact on the behaviour and performance of the enterprises which were covered in the program. In pursuing this goal we have followed two main lines of research. First, an attempt is made to evaluate the overall...

In 1996-97, while making its way through a difficult process of economic and political transformations, Bulgaria was hit by a severe economic crisis. This paper seeks to reveal and analyse the underlying factors and causes of this crisis. It focuses on empirical issues but also highlights some...

The pricing policy of Bulgarian manufacturing firms is analysed in the paper in the context of the theory of the price-setting behaviour of firms endowed with market power, and more specifically, using the notion of mark-up pricing. Using some recent derivations in the literature, we estimate...

The paper addresses some of the macroeconomic implications of the simultaneous pursuit of the goals of nominal and real convergence in the presence of a fast and sustained catch-up process. It is argued that when pursued simultaneously, nominal and real convergence may give rise to conflicting...

Under perfect competition and constant returns to scale, firms producing homogeneous products set their prices equal to marginal costs, which also equal their average costs. However, the departure from these standard assumptions has important implications with respect to the derived theoretical...

This paper examines one specific aspect of the Bulgarian debt workout, namely its impact on the behaviour and performance of the enterprises which were covered in the program. In pursuing this goal we have followed two main lines of research. First, an attempt is made to evaluate the overall...