Suchergebnisse

Cover -- CONTENTS -- NON-FINANCIAL CORPORATE DEBT OVERHANG AND INVESTMENT IN BULGARIA -- A. Introduction -- B. Stylized Facts Using Aggregate Data -- C. The Analytical Framework and Basic Statistics -- D. Empirical Results -- E. Concluding Remarks -- TABLES -- 1. Summary Statistics (2003-16) -- 2. Corporate Debt Overhang and Investment (baseline) -- 3. Corporate Debt Overhang and Investment (by sectors using ICR) -- 4. Corporate Debt Overhang and Investment (by sectors using deb-to-asset ratio) -- 5. Corporate Debt Overhang and Investment (by firm size) -- 6. Robustness Tests (alternative measures of investment) -- 7. Robustness Tests (alternative measure of leverage) -- 8. Robustness Tests (keeping firms with zero debt) -- References -- EFFICIENCY ANALYSIS FOR EXPENDITURES IN PUBLIC INVESTMENT AND EDUCATION -- A. Introduction -- B. Public Investment -- C. Education -- D. Conclusion -- BOX -- 1. EU Funds -- FIGURES -- 1. Public Investment, Public Capital Stock, and Infrastructure Quality -- 2. Public Investment Efficiency -- 3. Education Inputs and Outcomes -- 4. Education Spending Efficiency -- ANNEX -- I. Data Envelopment Analysis -- References.

KEY ISSUESContext. Macroeconomic and financial stability has been maintained despite the difficultenvironment globally?especially in neighboring Greece?and recent domestic discord,but growth remains tepid and unemployment high. Ambitious (and politicallychallenging) reforms are needed to achieve Bulgaria's objective of more rapid incomeconvergence with Europe.Outlook and risks. Domestic demand is projected to recover gradually while exportsand foreign direct investment are expected to benefit from recovery in Europe. Thedomestic social and political situation and continued uncertainty about th

Cover -- Contents -- Glossary -- Preface -- Executive Summary -- I. Introduction, Scope, and Summary of Work Done -- A. Introduction -- B. Scope -- C. Summary of Work Done -- II. The Srep Process and Manual -- A. Principles -- B. Process and Proportionality -- C. Business Model Analysis -- D. Governance -- E. Risk to Capital -- F. Internal Capital Adequacy Assessment Process and Internal Liquidity Adequacy Assessment Process and Interaction with SREP -- G. Stress Testing -- III. Efficient and Proportionate Decision Process -- A. Intervention of the Governing Council in the SREP Decision -- B. Proportionate Decision Taking and Focused Planning -- IV. Communication to Banks -- A. Individual Decisions -- B. Global Communication on Process, Outcome, and Methodology -- Table -- 1. Key Recommendations.

Prologue -- Origins -- The Bulgarian national resistance, I: Introduction -- The Bulgarian national resistance, II: The cultural revival and the creation of the modern Bulgarian state -- The Turnovo Constitution and the reign of Prince Alexander, 1878-1886 -- Stefan Stambolov, Prince Ferdinand, and the quest for recognition, 1887-1896 -- Prince Ferdinand's personal rule, 1896-1912 -- Bulgaria at war, 1912-1918 -- Between two wars, 1919-1941 -- Bulgaria and the Second World War, 1941-1944 -- Social and economic factors, 1878-1944 -- The Communist acquisition of power, 1944-1948 -- The Communists in power, I: The rule of terror, the reign of Vulko Chervenkov, and the rise of Todor Zhivkov, 1948-1965 -- The Communists in power, II: The rule of Todor Zhivkov, 1965-1989 -- Post-Communist Bulgaria, 1989-2005 --The minority and demographic questions -- Epilogue: Bulgaria between East and West -- Appendix: Bulgarian political parties, 1878-1934 -- Bibliographical notes