Bulgaria: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 390

Publication date: December 2007

ISBN: 9781451804584

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , Bulgaria , investment , investment boom , GDP growth , investment goods , output gap change , absorption gap , GDP ratio , revenue-GDP ratio , Fiscal stance , Bank credit , Output gap , Stock markets , Loans , Baltics , Europe , Eastern Europe , Central Asia

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Summary

This Selected Issues paper on Bulgaria investigates possible driving forces behind the investment boom based on cross-country evidence. The diagnosis of the drivers behind the investment boom is important as it is key to assessing Bulgaria’s economic prospects, vulnerabilities, and policy challenges. The available evidence is less than clear-cut, but broadly suggests that the investment boom reflects to a large extent a one-off reassessment of Bulgaria’s riskiness as an investment location. The paper also investigates why Bulgaria’s GDP growth rate did not respond more strongly to the investment boom.