OECD economic surveys : Bulgaria 1996-1997 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD Economic Surveys: Bulgaria

Language:

English

Subjects (All):

Economic history.

Bulgaria--Economic conditions--1989-.

Bulgaria.

Physical Description:

1 online resource (166 pages)

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1997]

Language Note:

English

Summary:

Assessment and recommendations I. The Bulgarian economy: a macroeconomic overview -Introduction -GDP and output growth -Foreign trade and the current account -Inflation and financial instability: the crises of 1994 and 1996 -Income, employment, and welfare II. Macroeconomic policy -Growth in money supply and credit -The monetary policy environment -Fiscal policy and the budget -The limitations of macroeconomic policy III. The banking sector -Introduction -The initial conditions -The state of the banking sector in Bulgaria: 1994-1995 -Relations between commercial banks, the Bulgarian National Bank, and the government -Commercial banks and firms: the allocation of credit to the non-financial sector -Incentive problems in Bulgarian banking -The 1996 Action Programme of the Bulgarian government and concluding comments IV. Restructuring and competitiveness -Introduction -The governance of state-owned enterprises -Financial constraints and losses in the state sector -The competitiveness of Bulgarian industry -The private sector V. Privatisation and foreign investment -Introduction -Privatisation -Foreign investment -Concluding comments Bibliography Annex -Price and export regulations in Bulgarian agriculture.

Contents:

Intro

Table of contents

Assessment and recommendations

I. The Bulgarian economy: a macroeconomic overview

Introduction

GDP and output growth

Table 1. Overviews and projections

Table 2. Components of gross value-added

Table 3. GDP growth by final expenditure categories

Table 4. Growth of gross output by sector

Foreign trade and the current account

Table 5. Current account

Figure 1. NOMINAL DOLLAR WAGES IN SELECTED TRANSITION COUNTRIES

Table 6. Foreign trade partners: exports and imports

Table 7. The composition of exports

Inflation and financial instability: the crises of 1994 and 1996

Table 8. Consumer price inflation in selected transition countries

Figure 2. MACROECONOMIC INSTABILITY

Figure 3. FOREIGN CURRENCY DEPOSITS IN BULGARIAN BANKS

Figure 4. NET INFLOWS OF BANK DEPOSITS AND NATIONAL BANK REFINANCING

Income, employment, and welfare

Figure 5. PUBLIC SECTOR WAGES

Table 9. Ratio of incomes of the wealthiest 20 per cent to the poorest 20 per cent of the population in selected countries

Figure 6. UNEMPLOYMENT

Figure 7. LONG-TERM UNEMPLOYMENT AS PERCENTAGE OF TOTAL UNEMPLOYMENT

Figure 8. DEPENDENCY RATIOS

II. Macroeconomic policy

Growth in money supply and credit

Figure 9. GROWTH IN MONEY SUPPLY AND INFLATION

Figure 10. MONEY SUPPLY

Table 10. Outstanding domestic credit

The monetary policy environment

a) Control over the money supply

b) The foreign exchange market

Figure 11. SHARE OF FOREIGN CURRENCY DEPOSITS IN BANK DEPOSITS

c) The basic interest rate

Figure 12. INFLATION AND INTEREST RATES

d) Incomes policies and price controls

Figure 13. ELECTRICITY PRICES FOR HOUSEHOLDS

Fiscal policy and the budget

Table 11. Government revenue and expenditure: Bulgaria and selected countries

Table 12. Consolidated government budget.

Box 1. The Bulgarian tax system

Table 13. Structure of domestic government debt

Box 2. Bulgaria's foreign debt

The limitations of macroeconomic policy

Box 3. A currency board for Bulgaria?

III. The banking sector

The initial conditions

The state of the banking sector in Bulgaria: 1994-1995

Box 4. Pre-1996 Bulgarian banking laws, regulations, and classifications

Table 14. Fulfilment of 1991-93 banking regulations

Table 15. Capital adequacy of commercial banks

Table 16. Selected balance sheet indicators, 1994-95

Table 17. Commercial bank loans by classification

Relations between commercial banks, the Bulgarian National Bank, and the government

Bank rehabilitation through special state bond issues

Box 5. Mineralbank and Economic Bank

Bank regulation and refinancing

Figure 14. COMMERCIAL BANK REFINANCING BY THE BNB

Figure 15. OUTSTANDING CREDITS TO COMMERCIAL BANKS FROM NATIONAL BANK AND STATE SAVINGS BANK

Commercial banks and firms: the allocation of credit to the non-financial sector

Table 18. Ratio: credit to non-financial sector/GDP in selected Central and Eastern European countries

Table 19. Shares in commercial credit by classification

Table 20. Loan profiles of the private and state sectors

Table 21. Maturity structure of standard loans

Table 22. Concentration of commercial credit to the private sector, December 1995

Figure 16. SHARES OF LARGEST CREDIT HOLDERS IN TOTAL COMMERCIAL CREDIT TO NON-FINANCIAL SECTOR

Incentive problems in Bulgarian banking

Problems in the feasibility of targets

Problems in the credibility of policies

Problems due to low capitalisation

Problems in the interaction of banks and firms

Figure 17. INTEREST RATE SPREADS OF COMMERCIAL BANKS

The 1996 Action Programme of the Bulgarian government and concluding comments.

Box 6. Banks and the 1996 Action Programme of the Bulgarian government

IV. Restructuring and competitiveness

The governance of state-owned enterprises

Financial constraints and losses in the state sector

Table 23. Tax and interest arrears of state-owned firms

Table 24. Aggregated financial accounts of Bulgarian state-owned firms

The competitiveness of Bulgarian industry

Table 25. Ratio of nominal exchange rate to purchasing power parity for selected transition countries

Table 26. Profitability in industry and main export branches

The private sector

Table 27. The private sector as a share of value-added

Table 28. Aggregate reported profits (losses) in the private sector

V. Privatisation and foreign investment

Privatisation

Methods and laws

Box 7. Cash privatisation: the legislative and organisational framework

Box 8. The Bulgarian mass privatisation programme

Restitution: outcomes and problems

Table 29. Progress in land restitution

Table 30. Land restitution status by region

Cash privatisation

Table 31. Type, number and proceeds of cash privatisation sales

Table 32. Privatisation by type of buyer

Mass privatisation

Foreign investment

Background

Table 33. Per capita foreign direct investment in CEE countries

Table 34. Foreign direct investment in Bulgaria

Figure 18. FOREIGN DIRECT INVESTMENT

Problems

Concluding comments

Notes

Bibliography

Annex. Price and export regulations in Bulgarian agriculture

Table A1. Consolidated government budget

Table A2. Balance of payments

Table A2. Balance of payments (cont.)

Table A3. Monetary survey

Table A4. Interest rates

Table A4. Interest rates (cont.)

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS.

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

MAIN SALES OUTLETS OF OECD PUBLICATIONS / PRINCIPAUX POINTS DE VENTE DES PUBLICATIONS DE L'OCDE

BOXES

Box 1. The Bulgarian tax system

Box 6. Banks and the 1996 Action Programme of the Bulgarian government

TABLES

Table 12. Consolidated government budget

Table 21. Maturity structure of standard loans.

Table 22. Concentration of commercial credit to the private sector, December 1995

FIGURES

Figure 18. FOREIGN DIRECT INVESTMENT.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-14951-1

OCLC:

1226582334