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CURRENCY BOARD: TEN YEARS ON

GEORGE ANGELOV KALIN HRISTOV. CURRENCY BOARD: TEN YEARS ON. MACROECONOMIC AND FINANCIAL FRAMEWORK. Euro-based currency board since mid 1997 Prudent and predictable fiscal policy oriented towards balanced budget or surplus

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CURRENCY BOARD: TEN YEARS ON

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  1. GEORGE ANGELOV KALIN HRISTOV CURRENCY BOARD: TEN YEARS ON

  2. MACROECONOMIC AND FINANCIAL FRAMEWORK • Euro-based currency board since mid 1997 • Prudent and predictable fiscal policy oriented towards balanced budget or surplus • Withdrawal of the state from the business through large scale privatization of the state owned enterprises • Liberalization of the markets – free movement of goods, services and capital • Government policy oriented towards improvement of investment climate

  3. CURRENCY BOARD SIX YEARS ON (2003)‏

  4. CURRENCY BOARD TEN YEARS ON

  5. INFLATION DYMANICS

  6. Period Mean Standard deviation May 1991 – December 1997 307.6 469.5 January 1998 – August 2007 July 1998 – August 2007 9.4 5.8 31.6 3.1 BULGARIA INFLATION DYNAMICS, 1991-2007

  7. GROWTH PERFORMANCE

  8. GDP per capita, 1990=100

  9. BUDGET DEFICIT (Per cent of GDP)‏

  10. Investments (GFCF)‏

  11. CURRENT ACCOUNT DEVELOPMENT

  12. FOREIGN DIRECT INVESTMENT

  13. EXCHANGE RATE CHANGE 1991-1997 (USD per BGN)‏

  14. EXCHANGE RATE CHANGE 1997 -2006 (USD per BGN)‏

  15. EMPLOYMENT (thousands)‏

  16. EMPLOYMENT (% of population)‏

  17. UNEMPLOYMENT

  18. INFLATION AND GROWTH COMPARED TO OTHER NMS, 1991-1997

  19. INFLATION AND GROWTH COMPARED TO OTHER NMS, 1998 - 2006

  20. CURRENT ACCOUNT AND FDI COMPARED TO OTHER NMS, 1991-1997

  21. CURRENT ACCOUNT AND FDI COMPARED TO OTHER NMS, 1998-2006

  22. CURRENT ACCOUNT AND INVESTMENT COMPARED TO OTHER NMS, 1991-1997

  23. CURRENT ACCOUNT AND INVESTMENT COMPARED TO OTHER NMS,1998-2006

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