Publication:
Bulgaria’s Institutions and Policies : Integrating into Pan-European Markets

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dc.contributor.authorKaminski, Bartlomiej
dc.date.accessioned2012-06-18T20:05:26Z
dc.date.available2012-06-18T20:05:26Z
dc.date.issued2006-03
dc.description.abstractThis paper analyzes the process of institutional transformation in Bulgaria and assesses the extent to which it has established institutions and policies fostering domestic economic activity and integration into global markets. After a brief review of characteristics and achieved progress in first-generation reforms, that is, removal of central control over prices, liberalization of foreign trade and exchange rate regimes, the paper first assesses in the comparative perspective the progress made in the quality of governance and structural reforms. It then takes a look at the extent to which this has impacted foreign direct investment inflows and was translated into improved business environment in its domestic and external dimensions. The external dimension relates to backbone services facilitating trade and Bulgaria's trade policies. As far as the latter are concerned, the discussion highlights tensions that emerge from duality-regional versus multilateral-in Bulgaria's trade policy. Despite significant progress in implementation of structural reforms and converging to the EU acquis communautaire that has led to a significant enhancement in the quality of governance and market supporting institutions, "macro" institutional improvements are yet to be fully transplanted to a micro-level, as three areas appear to remain a binding constraint: First and foremost is the low quality of the judicial system and, by the same token, weaknesses in the enforcement of property rights and contracts. Second, backbone services facilitating trade remain a barrier. Bulgaria ranks low relative to the levels of efficiency achieved on average by both EU-8 and the EU-15 countries in management of ports, information technology infrastructure, and customs. Third, there are recurrent complaints among businesses of government bureaucracy, poor infrastructure, and frequent changes in the legal framework including taxation. As a result, the regulatory burden remains huge. There are still redundant and excessive sector-specific regulatory regimes. Bulgaria's markets for industrial goods are fully contestable for pan-Europe (EU-25, European Free Trade Association, Romania, and Turkey), exposing local producers to duty-free competition from imports. With relatively high most favored-nation tariff rates, the level of reverse discrimination significantly increased over the past couple of years. While this has not resulted in perceptible trade diversion, organizational arrangements preventing that to happen unnecessarily increase administrative intervention in the economy.en
dc.identifierhttp://documents.worldbank.org/curated/en/2006/03/6616041/bulgarias-institutions-policies-integrating-pan-european-markets
dc.identifier.doi10.1596/1813-9450-3864
dc.identifier.urihttps://hdl.handle.net/10986/8339
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3864
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectAGGREGATE GOVERNANCE
dc.subjectAGGREGATE GOVERNANCE INDICATOR
dc.subjectAGGREGATE INDICATOR
dc.subjectBANKING SECTOR
dc.subjectBANKRUPTCY
dc.subjectBASE YEAR
dc.subjectBINDING CONSTRAINT
dc.subjectBUREAUCRACY
dc.subjectBUSINESS CLIMATE
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCENTRAL PLANNING
dc.subjectCLOSED BANKS
dc.subjectCOMPETITION POLICY
dc.subjectCOMPETITIVE MARKETS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTROL OF CORRUPTION
dc.subjectCORRUPTION
dc.subjectCORRUPTION INDICATORS
dc.subjectCORRUPTION PERCEPTION INDEX
dc.subjectCOUNTRY RANKINGS
dc.subjectCROSS SUBSIDIZATION
dc.subjectCURRENT ACCOUNT
dc.subjectDEBT
dc.subjectDIMENSIONS OF GOVERNANCE
dc.subjectDIRECT INVESTMENT
dc.subjectDISCRIMINATION
dc.subjectDOMESTIC FIRMS
dc.subjectDOMESTIC INVESTMENT
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC REFORMS
dc.subjectENACTMENT
dc.subjectENTERPRISE RESTRUCTURING
dc.subjectEXCHANGE OF IDEAS
dc.subjectEXCHANGE RATE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN TRADE
dc.subjectGDP
dc.subjectGOVERNANCE
dc.subjectGOVERNANCE DIMENSIONS
dc.subjectGOVERNANCE INDEX
dc.subjectGOVERNANCE INDICATOR
dc.subjectGOVERNANCE INDICATORS
dc.subjectGOVERNANCE QUALITY
dc.subjectGOVERNMENT EFFECTIVENESS
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT POLICY
dc.subjectINCIDENCE OF CORRUPTION
dc.subjectINEFFICIENCY
dc.subjectINSOLVENT
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSTITUTIONAL CHANGES
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL ENVIRONMENT
dc.subjectINSTITUTIONAL FRAMEWORK
dc.subjectINSTITUTIONAL REFORMS
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINVESTMENT CLIMATE
dc.subjectJUDICIAL SYSTEM
dc.subjectLABOR MARKETS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGISLATION
dc.subjectLEVELS OF GOVERNANCE
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET ECONOMIES
dc.subjectMARKET ECONOMY
dc.subjectMARKET FORCES
dc.subjectMEMBER STATES
dc.subjectMONOPOLIES
dc.subjectMONOPOLY
dc.subjectNATURAL RESOURCES
dc.subjectPOLICY AREAS
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL INSTABILITY
dc.subjectPOLITICAL STABILITY
dc.subjectPRICE CONTROLS
dc.subjectPRIVATIZATION
dc.subjectPRIVATIZATION OF STATE
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC GOODS
dc.subjectPUBLIC PRIVATE PARTNERSHIPS
dc.subjectPUBLIC RESOURCES
dc.subjectQUALITY OF GOVERNANCE
dc.subjectQUALITY OF INSTITUTIONS
dc.subjectRECESSION
dc.subjectREFORM
dc.subjectREGIONAL INTEGRATION
dc.subjectREGULATORY BURDEN
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY QUALITY
dc.subjectREGULATORY REGIME
dc.subjectREGULATORY REGIMES
dc.subjectRENT SEEKING
dc.subjectRULE OF LAW
dc.subjectSHAREHOLDERS
dc.subjectSTABILIZATION
dc.subjectSTATE BUDGET
dc.subjectSTATE ENTERPRISE
dc.subjectSTATE OWNERSHIP
dc.subjectSTATE SUBSIDIES
dc.subjectSTATE-OWNED ENTERPRISES
dc.subjectSTRUCTURAL REFORM
dc.subjectSTRUCTURAL REFORMS
dc.subjectTAXATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE DIVERSION
dc.subjectTRADE POLICIES
dc.subjectTRADE POLICY
dc.subjectTRADING
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSITION ECONOMY
dc.subjectTRANSPARENCY
dc.titleBulgaria’s Institutions and Policies : Integrating into Pan-European Marketsen
dspace.entity.typePublication
okr.crossref.titleBulgaria's Institutions And Policies : Integrating Into Pan-European Markets
okr.date.doiregistration2025-04-10T07:21:31.840252Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2006/03/6616041/bulgarias-institutions-policies-integrating-pan-european-markets
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid436681468006585227
okr.identifier.doi10.1596/1813-9450-3864
okr.identifier.externaldocumentum000016406_20060223112841
okr.identifier.internaldocumentum6616041
okr.identifier.reportWPS3864
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/02/23/000016406_20060223112841/Rendered/PDF/wps3864.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.topicEconomic Theory and Research
okr.topicEconomic Policy
okr.topicInstitutions and Governance
okr.topicGovernance::National Governance
okr.topicFinancial Crisis Management and Restructuring
okr.topicGovernance::Governance Indicators
okr.topicFinance and Financial Sector Development
okr.topicMacroeconomics and Economic Growth
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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