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Placement of Romanian and Bulgarian Embassies: EU Aspirations and Communist Legacy

Author

Listed:
  • Craig Webster

    (Intercollege, Cyprus)

  • Stanislav Ivanov

    (International University College, Bulgaria)

Abstract

The paper analyses the evolution of household borrowing in Greece, in an attempt to examine its importance for growth. The analysis suggests that the need to maintain household debt at sustainable levels is likely to induce a drop in the rate of growth of household debt to substantially lower levels. As implied by a simple model developed in the paper, a possible drop will cause a considerable weakening of the injection that household debt contributes to the internal demand for consumption and housing. Taking into account the restrictions Greece is faced with in the area of public spending, the possibility of such a weakening is argued to justify concerns with regard to the future prospects of domestic demand growth.

Suggested Citation

  • Craig Webster & Stanislav Ivanov, 2007. "Placement of Romanian and Bulgarian Embassies: EU Aspirations and Communist Legacy," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 5(1), pages 103-120.
    • Handle: RePEc:seb:journl:v:5:y:2007:i:1:p:103-120
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    More about this item

    Keywords

    Foreign Policy; Embassy Location; Bulgaria; Romania;
    All these keywords.

    JEL classification:

    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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