The Economic Crisis in Bulgaria: Policies and Sectors
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Various manifestations of the crisis are examined and it is proved that the poor quality of the domestic institutions and their operation underlie the economy in stagnation. The macroeconomic elite conceives its participation in the power as a "free riding". Especially dramatic is the situation in the legal system which allows washing ownership rights away and is influential in bringing about distorted non-market norms of behavior. The assessment of the input-output relations shows that failures accompany the development of micro economy, on sectors and subsectors level. It is shown that the s...
Various manifestations of the crisis are examined and it is proved that the poor quality of the domestic institutions and their operation underlie the economy in stagnation. The macroeconomic elite conceives its participation in the power as a "free riding". Especially dramatic is the situation in the legal system which allows washing ownership rights away and is influential in bringing about distorted non-market norms of behavior. The assessment of the input-output relations shows that failures accompany the development of micro economy, on sectors and subsectors level. It is shown that the structural changes correlate positively with economic development. The post-crisis period can be described by an active restructuring of the input coefficient matrix. The crisis leaves its imprint on the formation of the key sectors. The well-known fact (which is often forgotten or ignored) is confirmed that a modern economy cannot develop successfully without the solid presence of industry. The other sectors (agriculture primarily, tourism and services as a whole) complete the skeleton in order to get a sound body of an efficiently functioning economy.
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