Download or read book Macroeconomic Imbalances Bulgaria written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This in-depth review takes a broad view of the Bulgarian economy in order to identify actual or potential imbalances and the possible macroeconomic risks which they may entail. Following an economic boom in 2006-2008, the necessary adjustment is taking place. But the burden on the labour market is unnecessarily high. Moreover, more needs to be done to ensure the sustainability of the adjustment once the economy recovers to its growth trend. The main observations of this review are: Following EU accession, some notable internal and external imbalances built up in the Bulgarian economy. The labour market has been hit hard by the crisis and the reintegration of low-skilled workers has proven difficult. The main labour market challenges relate to skills mismatches in some sectors and regions. Despite a pronounced deceleration, unit labour cost (ULC) growth remains one of the fastest in the EU. The current account adjustment is largely structural and is driven by sizable export market share gains, but major vulnerabilities remain. Deleveraging of the corporate sector is on-going, but the still high level of indebtedness will lengthen the adjustment process and keep the corporate sector vulnerable to changes in market sentiment. Fiscal policy is facilitating the adjustment process. In this context, the in-depth review concludes that Bulgaria is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, the level of external indebtedness as well as certain macroeconomic developments related to corporate sector deleveraging and the adjustment process through labour markets deserve attention so as to reduce the risk of adverse effects on the functioning of the economy. Possible policy responses should focus on reducing skills and regional labour market mismatches and on reviewing the minimum thresholds for social security contributions. Also, emphasis on boosting total factor productivity remains crucial given that the deleveraging of the corporate sector will probably dampen investment. As a small open catching-up economy with unfettered capital flows and a fixed exchange rate tends to be inherently volatile, macroeconomic policies and banking regulation in Bulgaria should focus on reducing the risks of repeating boom-cycles and on strengthening the risk absorption capacity of economic agents.
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Revisión de la economía italiana con la intención de identificar presentes o potenciales desequilibrios y los posibles riesgos macroeconómicos que pueden implicar.
Download or read book Macroeconomic Imbalances Sweden written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. For Sweden, the AMR suggested the need to look more closely at whether Sweden is exhibiting macroeconomic imbalances of an internal and external nature. On the external side, the AMR highlighted a long series of strong current account surpluses which, however, coincided with a loss in market shares over the last years. On the internal side, the high level of private debt was identified as a matter of concern, mainly due to increasing household indebtedness in the context of strong increases of house prices over the last decade. Against this background, Section 2 of this review looks more in detail into these developments covering both the external and internal dimensions, followed by specific focus sections on the housing market and private sector debt developments in Section 3. Section 4 summarises the findings and presents possible policy considerations.
Download or read book OECD Multi level Governance Studies Decentralisation and Regionalisation in Bulgaria Towards Balanced Regional Development written by OECD and published by OECD Publishing. This book was released on 2021-02-23 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bulgaria has made solid progress in its territorial governance and socio-economic development. Yet, it has not been able to counteract large and increasing territorial disparities. Doing so will require addressing remaining structural challenges that may be limiting further transformation, government performance and regional resilience.
Download or read book Macroeconomic Imbalances written by and published by . This book was released on 2012 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Finland is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, macroeconomic developments relating to competitiveness deserve attention so as to reduce the risk of adverse effects on the functioning of the economy.
Download or read book Macroeconomic Imbalances Cyprus written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Cyprus is experiencing very serious macroeconomic imbalances, which are not excessive but need to be urgently addressed. In particular, macroeconomic developments as reflected in the current account, public finances and the financial sector require close monitoring and urgent economic policy attention in order to avert any adverse effects on the functioning of the economy and of economic and monetary union.
Download or read book OECD Economic Surveys Bulgaria 2021 Economic Assessment written by OECD and published by OECD Publishing. This book was released on 2021-01-29 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 outbreak abruptly stopped several years of robust economic growth in Bulgaria. Public finances are sound and the government took rapid action to support firms and households. Coping with the pandemic and strengthening the recovery will require continued fiscal support, public investment and the advancement of priority reforms.
Download or read book Bulgaria written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-05-12 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.6 percent in 2014, among the sharpest contractions in the European Union, but are projected to turn positive late in the year. The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure. The budget targets a 3 percent of GDP deficit in 2015, and a further 0.5 percentage point reduction per year in coming years. Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key.
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. For Slovenia, the AMR noted that two indicators in the scoreboard exceeded their thresholds in 2010 and suggested the need to assess the development and drivers of potential imbalances. The AMR explained that in the years before the crisis, Slovenia enjoyed strong growth and domestic demand conditions, coupled with some losses in price competitiveness and a gradual widening of the current account deficit. It identified signs that overheating occurred, particularly as regards private sector credit growth, construction value added and property prices. The Slovenian economy was hit hard by the global crisis and the AMR noted that this has brought some, perhaps temporary, adjustment in the external balance but this is still at an early stage. Against this background, Section 2 examines the external and internal dimensions of imbalances including developments in competitiveness, private sector indebtedness and in asset markets. This is followed by a closer look at the implications of indebtedness of non-financial corporations for the banking sector in Section 3. Section 4 presents possible policy considerations.
Download or read book Diversity of Capitalism in Central and Eastern Europe written by Eric Magnin and published by Springer Nature. This book was released on 2022-07-13 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the hypothesis of the emergence of a ‘dependent capitalism’ in Central and Eastern Europe. In a first theoretical part, this book presents the main approaches that structure the field of comparative capitalism and then examines this model shaped by the inflow of foreign capital. In an original way, it proposes to integrate the form of the monetary regime into the dependent capitalism analysis and to extend it to Balkan countries. The monetary regime is seen as complementary to the other elements of the institutional configuration of dependent capitalism. In the second part, the authors adopt a historical and empirical perspective. First, they demonstrate how dependent capitalism has emerged in Central and Eastern Europe and the Baltic States over the last 30 years as part of the process of socio-economic transformation that began in 1990. The crisis of 2008 was an indicator of this dependence on Western capital. Secondly, they extend the analysis to the Balkan countries and show that dependence is even stronger for them, particularly in the monetary area, as evidenced by the implementation of currency boards or euroization phenomena. This book is of interest to academics and students, as well as to business and economic policy makers.
Download or read book Bulgaria written by and published by World Bank Publications. This book was released on 2001-01-01 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Financial Crises and the Politics of Macroeconomic Adjustments written by Stefanie Walter and published by Cambridge University Press. This book was released on 2013-10-31 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: When are policy makers willing to make costly adjustments to their macroeconomic policies to mitigate balance-of-payments problems? Which types of adjustment strategies do they choose? Under what circumstances do they delay reform, and when are such delays likely to result in financial crises? To answer these questions, this book examines how macroeconomic policy adjustments affect individual voters in financially open economies and argues that the anticipation of these distributional effects influences policy makers' decisions about the timing and the type of reform. Empirically, the book combines analyses of cross-national survey data of voters' and firms' policy evaluations with comparative case studies of national policy responses to the Asian financial crisis of 1997/8 and the recent global financial crisis in Eastern Europe. The book shows that variation in policy makers' willingness to implement reform can be traced back to differences in the vulnerability profiles of their countries' electorates.
Download or read book Economic and Monetary Union written by Michele Chang and published by Bloomsbury Publishing. This book was released on 2016-07-29 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This accessible introductory text provides a comprehensive and accessible account of the evolution of the Eurozone, from its beginnings in fixed exchange rate systems through to the aftermath of the sovereign debt crisis. It examines why the EMU was created, what went wrong to bring about the global financial crisis, and why countries were affected so differently. It assesses the impact of monetary union both in Europe and beyond and evaluates the prospects for the Euro as an international currency. Recognising that political union has long been seen as part of monetary integration, and that Eurozone membership often impacts domestic policy, Chang widens the scope of her evaluation to include consider effects and developments that are not purely economic in scope. Using theories drawn from economics and political science, this book provides students with an up-to-date analysis of the recent reforms undertaken, grounded in a long-term perspective of the trajectory of European integration. As well as suiting upper-level undergraduate and Master's courses on European Monetary Union, this text is beneficial for students of Politics, International Relations and European Studies on more general courses to foster an understanding of the impact of the EMU on the wider functioning of the EU. The text is filled with figures, maps, timelines and other pedagogical features to ensure this topic accessible to students of all levels.
Download or read book Democracy After Communism written by Larry Diamond and published by Taylor & Francis. This book was released on 2002-09-23 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last quarter of the twentieth century was marked by two dramatic political trends that altered many of the world's regimes: the global resurgence of democracy and the collapse of communism. Was the process that brought down communism in Eastern Europe and the former Soviet Union fundamentally different from the process that gave birth to new democracies in other regions of the world? Were the transitions away from communism mostly like or mostly unlike the transitions away from authoritarianism that took place elsewhere? Is the challenge of building and consolidating democracy under postcommunist conditions unique, or can one apply lessons learned from other new democracies? The essays collected in this volume explore these questions, while tracing how the countries of Eastern Europe and the former Soviet Union have fared in the decade following the fall of communism. Contributors: Anders Åslund, Carnegie Endowment for International Peace in Washington, D.C.; Leszek Balcerowicz, Warsaw School of Economics; Archie Brown, Oxford University and St. Antony's College; Zbigniew Brzezinski, Johns Hopkins University, a former U.S. national security advisor; Valerie Bunce, Cornell University; Nadia Diuk, National Endowment for Democracy in Washington, D.C.; M. Steven Fish, University of California–Berkeley; Charles H. Fairbanks Jr., the Johns Hopkins University; Bronislaw Geremek, former foreign minister of Poland; John Higley, University of Texas at Austin; Judith Kullberg, University of Michigan–Ann Arbor; Mart Laar, prime minister of Estonia; Michael McFaul, Stanford University; Ghia Nodia, Tbilisi State University; Jan Pakulski, University of Tasmania in Australia; Richard Rose, University of Strathclyde in Glasgow; Jacques Rupnik, College of Europe in Bruges; Lilia Shevtsova, Carnegie Endowment for International Peace in Washington, D.C.; Aleksander Smolar, Stefan Batory Foundation in Warsaw and Centre National de la Recherche Scientifique in Paris; G.M. Tamás formerly of Georgetown University; Vladimir Tismaneanu, University of Maryland at College Park; Grigory Yavlinsky, member of the Russian State Duma (parliament).
Download or read book Capitalist Diversity on Europe s Periphery written by Dorothee Bohle and published by Cornell University Press. This book was released on 2012-07-27 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Béla Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004. Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis.
Download or read book Economic Crisis in Europe written by J. DeBardeleben and published by Springer. This book was released on 2013-02-27 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008-09 took an unexpected turn upon challenging a core symbol of Europe's integration project, the Euro. In this volume, leading experts tackle questions on the capacity of the EU to respond, the manner discontent electorates will hold their leaders to account, and the implications for Europe's future relations with Russia.
Download or read book The European Integration Process Crisis and Resilience in the Aftermath of the Covid 19 Pandemic written by António Portugal Duarte and published by Imprensa da Universidade de Coimbra / Coimbra University Press. This book was released on with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of European integration is considered the most innovative example of regionalism in the world. The Covid-19 pandemic crisis, which the world experienced since the beginning of 2020, caused a brutal negative shock on the economies. It raised new doubts and challenges about the European integration project, making the prospect of the EU’s dissolution something possible, even if undesirable. The book analyses these events, counting with the contribution of 41 authors, from universities and research centers of several European countries, and also from other continents. Its objective is to gather four perspectives to the European integration in a post-pandemic context: I) that of the countries of the Eurozone;II) that of the Eurozone candidate countries; III) the East “look” of EU candidate countries, and IV) the view of the rest of the world. The book is divided into four parts, each corresponding to one of these inputs, for a total of 24 chapters.
