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Publications

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Postprivatization Behavior Of Enterprises In Bulgaria, 1994
The Bulgarian Privatization Law allows the use of extremely wide-ranging privatization techniques, incl. different modes of preferential treatment for the same privatization objects and potential buyers. more »
 
The Transition As A Catastrophe: From Theory To Policy, 1994
The application of the general equilibrium paradigm to the analysis of the transition from command to market economy is quite natural. By definition this process can be considered as a movement from a shortage, inventory burdened economy, to a balanced and efficient one. more »
 
Bansko Municipal Privatization Investment Fund: Rules for Organization and Activities, by Dr. D. Bobeva and Dr. D. Batchvarov, 1994
The municipal privatization Fund is being established pursuant to the provisions of Article 6, par. 2 (3) of the Law on Privatization and Transformation of State and Municipally Owned Property. According to this section, "the remainder (from the total revenues from the privatization of municipal enterprises, entering a separate account to the respective municipal budget, as set forth in Article 6, par. 2 of the same law) amounting to 88 percent shall be set aside in a special Fund under the discretionary authority of the municipal council, and the funds shall be used in order of priority to cover uncollected debts incurred by municipal enterprises, including payment against loans extended for pending construction projects, as well as for investment purposes. more »
 
Bad Credits: Financial and Institutional Aspects by Christina Vutcheva, 1994
Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition. more »
 
The Reform in the Bulgarian Banking System, 1994
The process of institutionalization of the banking system in the country was supposed, within a relatively short period of time, to settle several critical groups of questions. Most notably these were: to lay the foundations of the money and foreign exchange market; to secure stability and trust in the financial institutions; to encourage competition between them. more »
 
Legal and Institutional Framework of the Private Sector in Bulgaria, by Valentin Georgiev, December 15, 1994
Following the 1944 socialist revolution, the supreme law of the country became the first socialist Constitution of 1947. It provided the basis for turning Bulgaria into a country with one-party government - that of the Communist Party, and a centralized planned economy. Public property was accorded a central place and significance, with guarantees for its protection and development, while private property was relegated to the background and subject to considerable restrictions. more »
 
Commentary on the Governmental Mass Privatization Project, October 1993
The belated start of privatization made the realization of the government's privatization program for 1993 impossible. Merely 2 per cent of the designated enterprises will be sold by the end of the year. The work of the Privatization Agency on preparing the companies for privatization is slowed down by the fact that in a great many instances the legal state analysis indicates that the ownership of long-term assets is unestablished. more »
 
Unemployment, Poverty, Social Security: the Bulgarian Experience, June 1993
The rapid pace of political and economic changes over the last three years have faced Bulgaria with a great variety of challenges. The transition to a democratic society and a market economy, which is taking place under a deepening economic crisis, has caused - or, rather, made obvious - a number of acute problems. Against this background, unemployment and poverty proved to be the social problems with the highest conflict-generating potential. more »
 
Public Opinion On Foreign Investment, April 1993
Compared with the other central and eastern European countries - Hungary, Czech and Slovak republics and Poland, foreign investment turns to be a new phenomenon for the Bulgarian economy. Thus the public opinion on it is in a process of forming. The role of researchers, different studies, the mass-media and foreign investors, themselves, in inspiring public support and acceptance of foreign investment is of great importance. This will contribute to the success of investments that have been made as well as to their further attraction to the country. more »
 
Privatization And Foreign Investment In Bulgaria
Bulgaria has made its choice and continues along the path of speedy and radical reforms despite the enormous difficulties - the painful social and political implications of the transition and the enormous external strain on the economy. Bulgaria sustained losses amounting to approximately US $ 1.2 billion from the Gulf War. The war in former Yugoslavia severely affected the Bulgarian economy, as about 60% of Bulgarian exports used to pass transit through Yugoslavia before the war. The estimated direct and indirect losses by the end of 1993 amounted to over US $ 3bn. According to IWM estimates, the losses in the balance of payments alone for the period between July 1992 and September 1993 amounted to US $ 1,112m*. more »
 

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