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Bulgaria: Selected Issues and Statistical Appendix

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  • International Monetary Fund

Abstract

This Selected Issues paper for Bulgaria highlights that the rapid credit expansion has not raised significant financial stability issues, but has been a key factor in the sharp weakening of the external current account. Although the deficit has been mostly financed by foreign direct investment (FDI) inflows, deficits of this magnitude cannot be sustained as privatization inflows will dry up with the completion of the government’s privatization program. Concurrent with the surge in bank credit, the external current account has weakened, reaching a deficit of 8½ percent of GDP in 2003.

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  • International Monetary Fund, 2004. "Bulgaria: Selected Issues and Statistical Appendix," IMF Staff Country Reports 2004/177, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2004/177
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    1. Patrick Honohan, 1999. "Fiscal Adjustment and Disinflation in Ireland: Setting the Macro Basis of Economic Recovery and Expansion," Palgrave Macmillan Books, in: Frank Barry (ed.), Understanding Ireland’s Economic Growth, chapter 4, pages 75-98, Palgrave Macmillan.
    2. Turrini, Alessandro & Giudice, Gabriele & ,, 2004. "Non-Keynesian Fiscal Consolidation in the EU? Ex Post Evidence and Ex Ante Analysis," CEPR Discussion Papers 4388, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Jesús Crespo Cuaresma & Jarko Fidrmuc & Maria Silgoner, 2008. "Fundamentals, the exchange rate and prospects for the current and future EU enlargements: evidence from Bulgaria, Croatia, Romania and Turkey," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 35(2), pages 195-211, April.

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