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

  • Rumen Dobrinsky


    (The Vienna Institute for International Economic Studies, wiiw)

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    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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    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
    Date of revision:
    Publication status: Published as wiiw Policy Note
    Handle: RePEc:wii:pnotes:pn:8
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    1. Gros, Daniel, 2012. "Macroeconomic Imbalances in the Euro Area: Symptom or cause of the crisis?," CEPS Papers 6865, Centre for European Policy Studies.
    2. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
    3. Vladimir Gligorov & Mario Holzner & Michael Landesmann, 2006. "Monthly Report No. 12/2006," wiiw Monthly Reports 2006-12, The Vienna Institute for International Economic Studies, wiiw.
    4. Vladimir Gligorov & Mario Holzner & Olga Pindyuk & Josef Pöschl, 2008. "Monthly Report No. 12/2008," wiiw Monthly Reports 2008-12, The Vienna Institute for International Economic Studies, wiiw.
    5. Dornbusch, Rudiger & Park, Yung Chul & Claessens, Stijn, 2000. "Contagion: Understanding How It Spreads," World Bank Research Observer, World Bank Group, vol. 15(2), pages 177-97, August.
    6. Serkan Çiçek & Vladimir Gligorov & Michael Landesmann & Roman Römisch & Hermine Vidovic, 2014. "Monthly Report No. 9/2014," wiiw Monthly Reports 2014-09, The Vienna Institute for International Economic Studies, wiiw.
    7. Dobrinsky, Rumen, 2006. "Catch-up inflation and nominal convergence: The balancing act for new EU entrants," Economic Systems, Elsevier, vol. 30(4), pages 424-442, December.
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