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The Economic transition in Bulgaria 1989 - 1999

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This paper provides analysis of the key economic developments in Bulgaria over the period between 1989 and 1999. The key fcts in the case of Bulgaria are:(1) delay of economic reform; (2) considerable decline in output; (3) series of financial crises; (4) introduction of a currency board with comprehensive package of reforms in July 1997. These facts shape the discussion in the current paper around the following three questions: Why were reforms delayed? What are the mechanics of the financial and economic collapse? What are the challenges faced by policy-makers and how to deal with these challenges under the currency board constraint?

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