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Presiana Nenkova, Angel Angelov
Vertical Fiscal Imbalance in Bulgaria in the Period 2003-2017
Summary:
The aim of the study is to present the evolution of vertical fiscal imbalance in Bulgaria, considering the contribution of revenue decentralization and expenditure decentralization as well as local governments’ revenue effort. With this respect we first reviewed and discussed the indicators of vertical fiscal imbalance applied. We than performed an assessment of vertical fiscal imbalance in Bulgaria during the period 2003-2017 in order to reflect the impact of its determinants. The results demonstrate that the vertical fiscal imbalance in Bulgaria has been generally narrowing. Regardless of that, the fiscal imbalance remains considerably large in comparison with the imbalances between expenditure and revenue assignment in public sectors of other EU countries.
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Nesrin Uzun
Impact of the Global Financial Crisis on Housing in Bulgaria
Summary:
Negative effects of the global financial crisis is still not fully overcome in the world and the economies of individual countries continue to implement various measures to eliminate their effect. One of the most crisis-hit sectors of the economy proved to be construction and directly related to it real estate market. This article aims to make a critical analysis of the status and trends in the "construction", with an emphasis on housing during the 2008-2013 period. In order to thoroughly investigate the problem, the article will consider the state of the mortgage market in Bulgaria and opportunities for bank financing of construction enterprises (through direct funding and realisation of finished products - by financing customers in the form of housing loans) and their relation to the development of the construction sector in the country.
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Lyudmil Nestorov
Characteristics of Bulgarian Economy during the World Economic Crisis 1929 – 1938
Summary:
The objective of this publication is to review the situation of Bulgarian economy during the world economic crisis from 1929 till 1933. The research employs empirical approach and comparative economic analysis. The effect of the crisis upon major sectors of Bulgarian economy, such as agriculture and industry, has been examined, as well as its impact on the state of domestic and foreign trade, the state finance and the circulation of currency.
A conclusion has been made that owing to the economic policy which the government conducted at the time, Bulgarian economy performed relatively well during the economic crisis and succeeded in minimizing the negative consequences of the crisis.
