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Author : Jocelyn Horne
Publisher :
ISBN 13 : 9781864080599
Total Pages : 16 pages
Book Rating : 4.0/5 (85 download)
Download or read book Enterprise and Fiscal Reform in Bulgaria written by Jocelyn Horne and published by . This book was released on 1994 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zoya Mladenova
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.F/5 ( download)
Download or read book The Fiscal Reform in Bulgaria written by Zoya Mladenova and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Dirk Muir
Publisher : International Monetary Fund
ISBN 13 : 1475560478
Total Pages : 19 pages
Book Rating : 4.4/5 (755 download)
Download or read book Fiscal Multipliers in Bulgaria written by Mr.Dirk Muir and published by International Monetary Fund. This book was released on 2013-02-25 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and model-based approaches. While fiscal multipliers have been modest in the past, as can be expected in a small open emerging economy, the effect on output is not independent of the speed of adjustment and the specific consolidation measures used. The impact of fiscal policy on economic activity is larger in downturns than in expansions and capital spending and direct taxes are associated with the largest effects on output, while non-targeted government transfers and indirect taxes are associated with a smaller impact. The results suggest that increased capital spending financed by higher indirect tax revenue collections through base broadening has sizeable growth effects over the medium and long-term.
Author : Anh D. M. Nguyen
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.4/5 (2 download)
Download or read book Bulgaria written by Anh D. M. Nguyen and published by International Monetary Fund. This book was released on 2024-06-24 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-owned enterprises’ (SOEs) economic and financial performance may have important fiscal implications. This study evaluates related fiscal risks in Bulgaria from both aggregate and firm-level perspectives. The low level of state-guaranteed debt of SOEs poses minimal fiscal risk. However, contingent liabilities could be a fiscal concern in the long term due to the low profitability of major SOEs and their inefficient resource allocation. Given their crucial role in the production network, their inefficiencies likely negatively impact the overall economy’s productivity and competitiveness. Additionally, liquidity and solvency risks are evident in several key SOEs. These findings underscore the need for monitoring and improving SOEs’ financial performance.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475552505
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)
Download or read book Bulgaria written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-11-10 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights Bulgaria’s state-owned enterprises (SOEs) sector and to assess its performance in a regional perspective. A detailed and rich firm-level dataset of state-owned and private firms was compiled for this note to compare key performance indicators of SOEs to private firms in the same sector and to similar firms in Croatia and Romania for a regional comparison. In some network industries, such as energy, SOEs are heavily loss-making. Large amounts of debt have been piled up notably in the energy and transport sectors which, to the extent that it is classified outside the general government accounts, can pose significant risk to public finances in the form of contingent liabilities if the SOEs run into financial difficulties. SOE profitability and resource allocation efficiency largely lag private firms in the same sectors, even when isolating SOEs engaged in competitive market activities and hence classified outside of general government. Coupled with comparably poor output quality, these challenges have the potential to impair competitiveness and productivity across the economy.
Author : Dimitar Vasilev
Publisher : GRIN Verlag
ISBN 13 : 3656038201
Total Pages : 85 pages
Book Rating : 4.6/5 (56 download)
Download or read book Small and Medium-Sized Enterprises in Bulgaria written by Dimitar Vasilev and published by GRIN Verlag. This book was released on 2011-11 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - Finance, grade: 1,7, Furtwangen University; Villingen-Schwenningen, language: English, abstract: In modern economic conditions, conducting business activity of any kind without availability of debt finance is improbable. The private sector in Bulgaria face the challenge of maintaining sufficient amount of capital to successfully satisfy both working and investment needs. Debt finance products offer an ideal way to satisfy those needs. Small- and medium-sized enterprises are main employment generator and key economic growth factor. They play primarily role in forming both GDP and Value Added of the country. However, SMEs have experienced a vast amount of economic and social problems. Main problems groups can be brought down to: - Inappropriate business environment for the development of SME (administrative, legal, poorly developed business consulting services and regional business centers etc.) - Insufficient financial assistance Since capital markets in Bulgaria are still underdeveloped and alternative sources of finance are hardly present, bank loans/credit lines along with supplier/customer debt prove to be a primary source of capital for small- and medium- sized enterprises. In a bank-based financial system like Bulgaria, banking system is a key factor of economic growth with a major role in productivity, investment levels, innovation and expectation of entrepreneurs. All those factors explain the importance of the chosen topic on regional and national level. Purpose of this work is to create a comprehensive profile of the SME sector in Bulgaria; to pinpoint and analyze its problems toward access to external capital as well as to evaluate trends and challenges in SME debt finance. Key question on which this work attempts to answer is: What are the trends and challenges in the corporate debt financing sector? In order to get there, specific tasks will need to be accomplished - Creation of a
Author : Dimitar Vasilev
Publisher : GRIN Verlag
ISBN 13 : 3656038295
Total Pages : 78 pages
Book Rating : 4.6/5 (56 download)
Download or read book Small and medium-sized enterprises in Bulgaria written by Dimitar Vasilev and published by GRIN Verlag. This book was released on 2011-10-27 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - Finance, grade: 1,7, Furtwangen University; Villingen-Schwenningen, language: English, abstract: In modern economic conditions, conducting business activity of any kind without availability of debt finance is improbable. The private sector in Bulgaria face the challenge of maintaining sufficient amount of capital to successfully satisfy both working and investment needs. Debt finance products offer an ideal way to satisfy those needs. Small- and medium-sized enterprises are main employment generator and key economic growth factor. They play primarily role in forming both GDP and Value Added of the country. However, SMEs have experienced a vast amount of economic and social problems. Main problems groups can be brought down to: - Inappropriate business environment for the development of SME (administrative, legal, poorly developed business consulting services and regional business centers etc.) - Insufficient financial assistance Since capital markets in Bulgaria are still underdeveloped and alternative sources of finance are hardly present, bank loans/credit lines along with supplier/customer debt prove to be a primary source of capital for small- and medium- sized enterprises. In a bank-based financial system like Bulgaria, banking system is a key factor of economic growth with a major role in productivity, investment levels, innovation and expectation of entrepreneurs. All those factors explain the importance of the chosen topic on regional and national level. Purpose of this work is to create a comprehensive profile of the SME sector in Bulgaria; to pinpoint and analyze its problems toward access to external capital as well as to evaluate trends and challenges in SME debt finance. Key question on which this work attempts to answer is: What are the trends and challenges in the corporate debt financing sector? In order to get there, specific tasks will need to be accomplished - Creation of a comprehensive profile of the SME sector in Bulgaria and illustration of its growing importance for the national economy. - Evaluation of the supply and demand for debt and determination of potential barriers to limited external finance access for SMEs - Formulating and analyzing trends and challenges of corporate debt financing in Bulgaria [...]
Author : Weltbank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Bulgaria - Public Expenditure Issues and Directions for Reform written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A long period of economic mismanagement and political instability in the early 1990s, delayed Bulgaria's transition from planned, to market economy by nearly a decade, leading to the collapse of Bulgaria's economy in 1996-97. The introduction of a Currency Board Arrangement (CBA) in July 1997 and the subsequent implementation of sound macroeconomic and structural policies succeeded in restoring growth, abating inflation and improving public and investors confidence. The CBA has been underpinned by a conservative fiscal policy and a sharp acceleration of structural reforms. Budgetary institutions and processes were overhauled to enhance transparency and ensure fiscal discipline. The wide-ranging structural reforms program encompassed liberalization in agriculture, energy, privatization in the enterprise sector, as well as reform of the social sector. First generation reforms, including price and trade liberalization, have largely been implemented and the privatization/liquidation program has to a large extent eliminated the value-subtracting activities. Dominating the country's reform agenda are now the second-generation reforms, to complete the transition from planned, to market, in particular reforms to establish the institutional foundations. Part I reviews overall public expenditure level, and discusses the sustainability of fiscal policy taking into account revenues and expenditure prospects, debt and growth targets. A fiscal sustainability analysis was performed with the participation of Bulgarian counterparts, to integrate fiscal sustainability simulations into the standard macro-economic analysis underpinning annual budgets. Functional and economic analysis of expenditure highlights issues of trade-offs, and priorities across expenditure categories. Building on the previous section, Part II assesses the fiscal impact of structural reforms in health, education, social protection, energy and transport, and, deepens the dialogue on policy reforms, highlighting the fiscal implications of alternative options as well as their social impact. Assessment of poverty within public expenditures is based on the results of the poverty update.
Author : Derek C Jones
Publisher : Routledge
ISBN 13 : 0429790503
Total Pages : 350 pages
Book Rating : 4.4/5 (297 download)
Download or read book The Bulgarian Economy written by Derek C Jones and published by Routledge. This book was released on 2019-01-22 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : World Bank
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 218 pages
Book Rating : 4.:/5 (321 download)
Download or read book Bulgaria written by World Bank and published by World Bank Publications. This book was released on 2003 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first public expenditure and institutional review on Bulgaria by the World Bank. The objective of this study is to outline public expenditure issues and policy directions to improve the efficiency and effectiveness of pubic expenditures in Bulgaria. It assesses fiscal sustainability and analyzes the efficiency and effectiveness of public expenditures and their institutional framework. Bulgaria has made substantial progress toward long-term macroeconomic stablility. Growth has been re-established, per capita income has improved, inflation has remained low, poverty has been reduced, and the external debt to GDP ratio has declined. Furthermore, the share of the private sector in the economy is increasing, major regulatory reform is underway, the banking sector is on more solid footing, and energy pricing reforms are improving efficiency, and reducing the fiscal burden. But challenges remain in the five sectors looked at - education, health, social protection, the state railways and energy sectors.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451877307
Total Pages : 102 pages
Book Rating : 4.4/5 (518 download)
Download or read book Bulgaria written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-04-06 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report for the Second Review Under the Stand-By Arrangement and Requests for Waiver of Performance Criteria highlights Bulgaria’s economic growth, fiscal policy, and reforms. The economic program for 2006 relies on fiscal and credit restraint to rein in demand and strengthen the balance sheets of government and banks, and on structural reforms to stimulate supply. Quarterly credit growth limits and higher penalties for exceeding them are expected to help ensure achievement of this target. Measures to slow down household credit should additionally contribute to current account adjustment.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451804385
Total Pages : 81 pages
Book Rating : 4.4/5 (518 download)
Download or read book Bulgaria written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-02-12 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bulgaria's macroeconomic performance in the face of the prolonged slowdown in the EU has been impressive, but risks have intensified. The response of fiscal policy to these risks has been adequate. Plans to increase reliance on state enterprises to carry out public sector activities are worrying. The government has taken the right approach to addressing the rapid growth in private sector credit. Bulgaria has made good progress on its structural reform agenda, but an intensified effort is required to help deal with greater macroeconomic risks.
Author : Jorge Martinez-Vazquez
Publisher :
ISBN 13 :
Total Pages : 166 pages
Book Rating : 4.3/5 ( download)
Download or read book Intergovernmental Fiscal Relations in Bulgaria written by Jorge Martinez-Vazquez and published by . This book was released on 1993 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Georgi Deyanov
Publisher :
ISBN 13 : 9789548579506
Total Pages : 65 pages
Book Rating : 4.5/5 (795 download)
Download or read book Fiscal Policy and Economic Growth in Bulgaria written by Georgi Deyanov and published by . This book was released on 2013 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264011390
Total Pages : 85 pages
Book Rating : 4.2/5 (64 download)
Download or read book Enterprise Policy Performance Assessment: Bulgaria 2005 written by OECD and published by OECD Publishing. This book was released on 2005-11-03 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD/EBRD Enterprise Policy Performance Assessment for Bulgaria presents an overall assessment of conditions for SMEs. It assesses the conditions regarding the institutional framework, the rule of law, tax policy, financial services ...
Author : Georgi S. Smatrakalev
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Bulgarian Income Tax Reform written by Georgi S. Smatrakalev and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government tax policy has a profound effect on the temporal composition and on the intertemporal evolution of the macro economy. In contemporary terms it must allow non-inflationary financing of the proper functions of government. The main function of a tax system is to raise enough revenue to cover government expenditures without excessive reliance on domestic and foreign borrowing or money creation. It should avoid disincentives for productive economic activity, especially capital formation. The role of taxes in any market economy that we are striving to build is also to regulate it. What is more, such a category as tax law does not exist in pure terms. On the contrary, tax principles are connected with phenomena and operations that can be carried out even without any taxation, but these tax principles form in different ways these phenomena and operations. The life of a tax law is not only logic but experience as well because every tax has inevitable regulation effects in the economy. To implement a tax on a certain operation means to a great extent to discourage its accomplishment. The relief will have the opposite effect. The definition of the responsibilities must be clear and according to the law. The rules of the game must be exactly defined in order to favor business activity in the country. It is important for such a tax system to be set that will satisfy the necessities in the long term. Looking after someone's interests can cause unsuitable policies and will restrict future reforms. The Bulgarian tax reform, although pronounced from the beginning of the transition towards market economy, has not started yet, and this has a profound effect on the whole economic development of the country itself. The new democratic government that came to power a few months ago again stated its intention for reforming the tax system in a real market-oriented way. The reform itself should be directed in two major ways--reformation and establishment of new tax laws based on new tax philosophy and principles, using taxes as a regulative lever for economic regulation, and reformation of the tax collective system. The latter must be by lowering the transaction costs of taxation and by decreasing the tax avoidance possibilities.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1452738807
Total Pages : 86 pages
Book Rating : 4.4/5 (527 download)
Download or read book Bulgaria written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-20 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bulgaria’s request for a 25-month precautionary Stand-By Arrangement (SBA) in an amount of SDR 100 million or 15.62 percent of quota is discussed. The SBA-supported program seeks to reduce increased external vulnerability and to achieve sustainable high growth through a tighter fiscal policy and measures to drain bank liquidity to reduce excess demand in the short term and structural reforms to boost output and export capacity in the medium term.
