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Coping with Macroeconomic Imbalances: Bulgaria’s Experience during the Global Turmoil

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  • Rumen Dobrinsky

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    (The Vienna Institute for International Economic Studies, wiiw)

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    Abstract

    It is textbook knowledge that economic crises are in most cases associated with the accumulation of macroeconomic imbalances. In turn, macroeconomic imbalances emerge as the result of imbalanced growth. In the ideal world of equilibrium, all macroeconomic variables change at the same, equilibrium growth rate. The real world is one of disharmony and disequilibria, when there are significant divergences in the rates of growth of economic variables. When speed differentials are within certain limits, the resulting macroeconomic imbalances are manageable through the instruments of macroeconomic policy and are not a matter of concern. Crises emerge when disequilibria get out of control and the economy is incapable of coping with significant speed differentials among key economic variables. ...

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    Bibliographic Info

    Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Policy Notes with number 8.

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    Length: 29 pages including 1 Table and 17 Figures
    Date of creation: Sep 2012
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    Publication status: Published as wiiw Policy Note
    Handle: RePEc:wii:pnotes:pn:8

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Dornbusch, Rudiger & Park, Yung Chul & Claessens, Stijn, 2000. "Contagion: Understanding How It Spreads," World Bank Research Observer, World Bank Group, World Bank Group, vol. 15(2), pages 177-97, August.
    2. Dobrinsky, Rumen, 2006. "Catch-up inflation and nominal convergence: The balancing act for new EU entrants," Economic Systems, Elsevier, Elsevier, vol. 30(4), pages 424-442, December.
    3. Gros, Daniel, 2012. "Macroeconomic Imbalances in the Euro Area: Symptom or cause of the crisis?," CEPS Papers, Centre for European Policy Studies 6865, Centre for European Policy Studies.
    4. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 24(5), pages 581-602, September.
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    Cited by:
    1. Alfred Sitz & Aneliya Adzhemova & Atanas Pekanov, 2013. "Bulgarien: wirtschaftspolitische Strategie und ökonomische Entwicklung seit der Öffnung," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 39(1), pages 69-86.

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