Browsing by Subject "Bulgaria"

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  • Bonin, John; Wachtel, Paul (2004)
    BOFIT Discussion Papers 22/2004
    Published in Systemic Financial Crises: Resolving Large Bank Insolvencies, D. Evanoff, G. Kaufman, eds., World Publishing, 2005
    We examine the efforts of transition economies to deal with financial fragility and resolve banking cries We characterize the birthing process of banking in transition and the three essential features of banking crises in transition economies: (i) bad loans and the relationship to state owned industries, (ii) development of institutional infrastructure and (iii) credible commitments to resolution and privatization.We then discuss the experiences of seven important transition countries in order to identify the salient features of their efforts to resolve banking crises.
  • Égert, Balázs (2005)
    BOFIT Discussion Papers 3/2005
    Published in Economic Systems vol. 29, no 2 (2005), pp. 123-282
    This paper investigates the equilibrium exchange rates of three Southeastern European countries (Bulgaria, Croatia and Romania), of two CIS economies (Russia and Ukraine) and of Turkey.A systematic approach in terms of different time horizons at which the equilibrium exchange rate is assessed is conducted, combined with a careful analysis of country-specific factors.For Russia, a first look is taken at the Dutch Disease phenomenon as a possible driving force behind equilibrium exchange rates.A unified framework including productivity and net foreign assets completed with a set control variables such as openness, public debt and public expenditures is used to compute total real misalignment bands. JEL: E31, O11, P17 Keywords: Balassa-Samuelson, Dutch Disease, Bulgaria, Croatia, Romania, Russia, Ukraine, Turkey
  • Komulainen, Tuomas; Pirttilä, Jukka (2000)
    BOFIT Discussion Papers 11/2000
    Published in Economics of Planning 2002, Volume 35, Issue 3, pp 293-316
  • Nivorozhkin, Eugene (2003)
    BOFIT Discussion Papers 2/2003
    Published in Economics of Planning vol 37, no 1 (2004), pp. 25-45
    This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria.We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors.The panel data methodology combines cross-section and time-series information.The results indicate that the Bulgarian corporate credit markets were less supply constrained than those of the Czech Republic during the period under investigation.Bulgarian companies adjusted much faster to the target leverage than Czech firms.The speed of adjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies.The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies. G30, G32, O12, O52 capital structure; leverage; dynamic adjustment model; the Czech Republic; Bulgaria