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Financing regional development and competitiveness: problems and challenges at macro and micro level in Bulgaria

Author

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  • Tatiana HOUBENOVA-DELISIVKOVA

    (The Economic Research Institute of the Bulgarian Academy of Sciences)

Abstract

The paper discusses the contemporary regional development of Bulgaria and regional financing by different national sources and European funds. The compliance with the EU requirements for attaining targeted results in specifically programmed priority areas is revealed as a driving force for improving the financial governance of regional development. The main tasks are to analyse the problems and prospects of the different types of regional development financing, their interdependence and overall impact on the regional production structures and social development. The issues of the efficiency and effectiveness of the decentralisation of public finances are analysed within the framework of the goals of sustainable regional development. By revealing the mechanisms and instruments of public financing the regional development some conclusions are made for the enhancement of fiscal coordination between the municipalities? and central Government authorities. The implementation of additional measures for more strict fiscal discipline at local level is considered with regard to improving the solvency of the municipalities„budgets and enhancing the capacity of the municipalities to manage their debts? repayment problems. Overcoming the shortage of municipalities'funding commitments and difficulties of meeting the obligations to serve due costs is discussed as an opportunity to improve the local finances. The role of public governance is revealed in order to consider the problems and future prospects for financing regional development. The methodology of the study involves the comparative analysis of the macro and micro financing of regional development and institutional and legal analysis of forms and schemes of public financing. In conclusion some problems and prospects are drawn for the public governance of Bulgaria in support of financing regional development.

Suggested Citation

  • Tatiana HOUBENOVA-DELISIVKOVA, 2017. "Financing regional development and competitiveness: problems and challenges at macro and micro level in Bulgaria," Romanian Journal of Economics, Institute of National Economy, vol. 44(1(53)), pages 45-77, June.
    • Handle: RePEc:ine:journl:v:44:y:2017:i:53:p:45-77
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    References listed on IDEAS

    as
    1. David Bailey & Lisa De Propris & Roger Sugden & James Wilson, 2006. "Public Policy for Economic Competitiveness: An Analytical Framework and a Research Agenda," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(5), pages 555-572.
    2. Stoyan Totev, 2011. "Regional Differences and Regional Policy in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 33-52.
    3. Garabed Minassian, 2012. "Economy, Business and Management," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-26,27-48.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    regional development; regional planning; Government budget transfers; municipalities' own resources; EU funds for regional development.;
    All these keywords.

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • R5 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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