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Structural Convergence with Eurozone and Institutional Quality in Bulgaria

In: Eurasian Business and Economics Perspectives

Author

Listed:
  • Stela Raleva

    (University of National and World Economy)

  • Maria Marikina

    (University of National and World Economy)

Abstract

The paper examines the structural convergence of the Bulgarian economy with the Eurozone, the quality of the Bulgarian institutions, and their interdependence in the 2000–2018 period. The relevance of the structural convergence is interpreted within the context of its connection to the synchronization of the business cycle and the economy’s resistance to adverse external shocks, while the role of the institutional quality is analyzed with regard to its impact on the structural convergence. The assessment of the structural convergence is based on the relative shares of the components of the gross value added and employment by industry breakdowns, while the institutional quality is measured by the effectiveness of the government and the regulatory quality. The research methodology includes the calculation of the Krugman specialization index and index of inequality in productive structure and the use of Bulgaria’s percentile ranking among all countries included in the survey of the World Bank. On the basis of the empirical analysis, a conclusion is drawn about the existence of structural convergence during the bigger part of the period and the ensuing holding back of the structural dissimilarities. The identified dynamics is accompanied and favorably impacted by an increase in the institutional quality in terms of the two indicators.

Suggested Citation

  • Stela Raleva & Maria Marikina, 2021. "Structural Convergence with Eurozone and Institutional Quality in Bulgaria," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Gokhan Karabulut (ed.), Eurasian Business and Economics Perspectives, pages 283-296, Springer.
    • Handle: RePEc:spr:eurchp:978-3-030-85304-4_17
    DOI: 10.1007/978-3-030-85304-4_17
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    Cited by:

    1. Ignat Ignatov, 2023. "Convergence Determinants and Club Formation in the EU over 1999-2021," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 37-63.

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