The Bulgarian Economy In Transition

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.

Bristow (economics, Trinity College, Dublin) traces economic developments in Bulgaria since the fall of Zhivkov in 1989, examining the progress of the macroeconomy, sectoral developments, international relations, reform of the banking and fiscal systems, and privatization. He focuses on the failure of the Bulgarian political system to provide momentum for reform, while acknowledging the problems of framing policy in times of economic dysfunction. Annotation copyright by Book News, Inc., Portland, OR

The communist regime in Bulgaria was perhaps the most stable in Eastern Europe and its demise was brought about only by the general collapse of the Soviet bloc. In the light of this, what is surprising about the country's transitions to democracy and a market economy is not that it has been uneven but that it has proceeded without fundamental disruptions and is now showing some signs of consolidation. The two-party system that emerged from the round-table negotiations in 1990 has survived remarkably intact although the parties within it have undergone considerable transformations. The institutions of democracy have often been misused but have shown their ability to survive in crisis situations. After a dismal record of macroeconomic mismanagement, the establishment of a currency board has brought stability to the country's economy, and the long-delayed structural reform is finally off the ground. Having survived the trials of transition, Bulgaria is now faced with the more difficult task of adapting its political and economic institutions to the requirements of future EU membership.

Since the forced resignation of Todor Zhivkov in November of 1989, Bulgaria's transition to democracy has been marked by good beginnings ending in frustration or disappointment. It has avoided the violent ethnic confrontations that have characterized much of the "post-Communist" Balkans, but has also seen the development of an influential criminal

The purpose of this country study is to evaluate Bulgaria's progress in its transition from plan to market and preparing for membership to the European Union. It examines economic developments during the 1990's with a focus on the 1997-1999 period. This study describes the structural and institutional reforms implemented during this period, their impact and the prospects for accession to the European Union.

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.