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The Impact of External Shocks on the Bulgarian and Croatian Economies: Historical and Contemporary Aspects

Author

Listed:
  • Veselina Shalamanova

    (Sofia University, Bulgaria)

  • Sonia Georgieva

    (Sofia University, Bulgaria)

Abstract

Bulgaria and Croatia are small open economies that are not affected by prices and other macroeconomic variables internationally, but their economic activity depends on external economic trends that have an impact on their local economies. The aim of this paper is to trace and analyse the impact of external shocks on the economies of the two countries under consideration historically through a retrospective economic-historical analysis, which will clarify chronologically how, from similar starting points and potential, the two countries have different degrees of convergence vis-a-vis European Union countries and are moving at different rates of economic growth and development. It traces the impact of exogenous shocks affecting political stability, structural reforms, inflation, fiscal policy, foreign trade relations and other macroeconomic aspects as a consequence of the behaviour of the two countries.

Suggested Citation

  • Veselina Shalamanova & Sonia Georgieva, 2023. "The Impact of External Shocks on the Bulgarian and Croatian Economies: Historical and Contemporary Aspects," Proceedings of the Centre for Economic History Research, Centre for Economic History Research, vol. 8, pages 252-262, November.
    • Handle: RePEc:ceh:journl:y:2023:v:8:p:252-262
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    References listed on IDEAS

    as
    1. Ramey, V.A., 2016. "Macroeconomic Shocks and Their Propagation," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 71-162, Elsevier.
    2. Borozan, Djula & Lolic Cipcic, Marina, 2022. "Asymmetric and nonlinear oil price pass-through to economic growth in Croatia: Do oil-related policy shocks matter?," Resources Policy, Elsevier, vol. 76(C).
    3. Linh Tu Ho & Christopher Gan, 2021. "Foreign Direct Investment and World Pandemic Uncertainty Index: Do Health Pandemics Matter?," JRFM, MDPI, vol. 14(3), pages 1-15, March.
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    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • F00 - International Economics - - General - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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