Bulgaria and Political Economy of Transition

Authored by: Rumen Dobrinsky

Handbook of the Economics and Political Economy of Transition

Print publication date:  April  2013
Online publication date:  May  2013

Print ISBN: 9780415591126
eBook ISBN: 9780203067901
Adobe ISBN: 9781135080877


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Economic and political transformation in Bulgaria has been rather uneven and often changed direction. Compared to the countries in central Europe, it took much longer to define the course of reforms and until 1997 Bulgaria was a laggard in the reform process. In 1996–97 the deepening macroeconomic imbalances escalated into a severe financial crisis combining a crash in public finances, a run on the banks and a collapse of the currency, all of which gave rise to a hyper-inflationary hike in early 1997.

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