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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 »
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 »
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 »
The Agrarian Reform In Bulgaria, 1993
Agriculture is of major importance to Bulgaria's economy. In 1989 - the year preceding the significant political changes - agriculture produced one tenth of the gross domestic product and 18 percent of the country's working population was employed in this sector. The important political and economic changes in Bulgaria after November 10, 1989 inevitably affected agriculture as well. A crucial and exclusive component of agrarian reform, land reform was established with the passing of the Ownership and Use of Farmland Act (OUFA) by the Great National Assembly in February 1991. more »
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 »

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