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Measurment of aggregate economic activity by means of composite indicators
The Agency for Economic Cooperation & Development /AECD/ experts have begun to asses three barometers of aggregate economic activity since March 1992: economic activity barometer, economic expectation barometer and diffusion index. In that paper we share our experience on the assessment of composite indicators and their utilization in analyzing performance of Bulgarian economy on macro level. more »
Economic reform in Bulgaria
At the beginning of 1991 the Bulgarian economy had almost reached the point of collapse. This was due to the economic policy of 1990, combined with the negative effects of the Persian Gulf crisis. On this background a project for one-year "stand-by" credit for Bulgaria from the IMF was prepared. The agreement was signed in February 1991 and confirmed by IMF on March 15. Under these circumstances the use of the IMF resources was the only possibility for partial recovery of the country's hard currency reserves, and this possibility could certainly be used only under the specific conditions required by IMF. more »
Bulgarian fiscal policy in the stabilization program
The first changes (after the most important political change on November 10, 1989) toward a pluralistic society and market economy appeared in 1990. In that year for the first time Bulgaria began its fiscal year (which coincided with the calendar year) without a budget prepared and approved by Parliament - due to the complicated economic and political situation. In 1990 alone. Parliament voted the state budget twice (the second budget was an updated version of the earlier one and its basic indicators were even worse). The actual implementation, in turn, was a less successful version of the second budget. This tradition was followed throughout 1991 and will obviously prevail as well in 1992. more »
The Treatment of Non-Monetary Contributions, February 1992
This material has been published as part of the “Issues in Bulgarian Law” series prepared by the Law Reform and Comparative Law Program, a project of the Center for the Study of Democracy in Sofia, Bulgaria. Other issues in this series include: more »
Public Opinion and Bulgarian Business Elite on Privatization, 1992
One of the presently most widely discussed problems - privatization - is increasingly emerging out of the sphere of projections and becoming a reality. As indicated by the data from the latest survey conducted by the Center for the Study of Democracy on the problems of privatization, its preparation is at an advanced stage: 13% of the state-owned enterprises are currently being valuated, analysis of the legal state of the property is under way at 22.5% of these enterprises, and 10.2% have been included in privatization programs. more »
Inflation In Bulgaria - Methodology Of Measurement And Tendencies In Its Development During 1991 - 1992
Price liberalization occupies a central place in every stabilization program. Its purpose is to reach a rational relative price structure and thus to eliminate the imbalance between the solvent demand and supply of goods and services, set up in the terms of administrative valuation of prices. By removing price level control arises a possibility of unfolding hidden inflationary processes in the economy. The choice of a liberalization scheme is an important problem in this aspect. It is to direct the completion of price liberalization process so that an optimum effect is reached. more »
Bulgaria financial markets during 1991 - 1992 institutiona mechanisms, role and results of monetary policy
The radical transformation of the nation's economic system requires that a new financial system facilitating the functioning of today's market economy to the utmost degree should be created. The consolidation of the banking system through the enlargement of existing commercial banks aiming at a higher degree of their stability is now under way. more »