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Growth prospects of south east european economies in transition (1998).
| Content Provider | CiteSeerX |
|---|---|
| Author | Ganev, Georgy |
| Abstract | The paper tries to explain the poor performance of Bulgaria during its transition from plan to market by looking past the difficulties associated with concrete policies and concentrating on the deficiency of the Bulgarian society in its ability or desire to adopt the market system and its heavy requirements. Modern economies rely on complex intertemporal monetary exchange. While this mode of exchange greatly improves economic performance, it also involves information problems, which bring uncertainty in the economic environment and play a major role in the decisionmaking process of the society as a whole. If these problems are inefficiently resolved, the economic system becomes fragile and subject to chronic crises, which suffocate any growth potential. The paper is an informal discussion, starting from the institution of indirect exchange. Indirect, especially intertemporal, exchange is linked to the general economic environment and from there to the macroeconomic performance of the economy, especially to the principle of effective aggregate demand. The paper tries to show the interaction between the level of |
| File Format | |
| Publisher Date | 1998-01-01 |
| Access Restriction | Open |
| Content Type | Text |
