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The Global Financial and Economic Crisis and Bulgaria

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  • Ivan Angelov

Abstract

The major causes of the crisis are pointed out. Its evolvement from mortgage towards financial and now into global recession are traced out. The most recent forecasts of the IMF, OECD and the European Commission, as well as statements of state presidents, prime ministers and prominent economists from the largest countries are referred to, indicating the roots of the crisis, the speedy abatement of economic activity and transformation into recession and the ways and means for overcoming the crisis. The impact of the crisis on Bulgaria is also investigated. The necessity of an anticrisis programme and its composition are substantiated. Some important lessons from the crisis are derived. Special attention is placed on the failure of the neoclassical liberal economic school and the necessity of reorientation towards the modern keyncean school of macroeconomic governance.

Suggested Citation

  • Ivan Angelov, 2008. "The Global Financial and Economic Crisis and Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 35-65.
    • Handle: RePEc:bas:econth:y:2008:i:5:p:35-65
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    Cited by:

    1. Garabed Minassian, 2009. "Ex Ante Crises’ Indications," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 98-118.

    More about this item

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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