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The Bulgarian Fiscal Policy and the International Debt Securities Market

Author

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  • Veniamin Todorov

    (University of Economics - Varna)

Abstract

The paper studies the relation between the international government debt securities market (IGDSM) and the way the Bulgarian fiscal policy operates. The time period is from the 3rd quarter of 1994 to the 1st quarter of 2017. First, the connection between the fiscal stance, the budget deficit financing and the IGDSM is defined. Second, the participation of the Bulgarian government in the IGDSM is analyzed. Four strands of analysis define the framework of the study: 1) the amount of debt denominated in international securities; 2) the choice of market segment - the international money market or the international bond market; 3) the interest rate structure - the choice between fixed and floating interest rate instruments; 4) the currency structure - the choice of different currencies of denomination. The dynamics and trends are identified and characterized. Moreover, the different determinants that stand behind them are defined and analyzed.

Suggested Citation

  • Veniamin Todorov, 2017. "The Bulgarian Fiscal Policy and the International Debt Securities Market," Economy and Economic Theory: Problems and Interactions, Conference Proceedings 2017, Department of Economics, University of Economics - Varna, issue 1, pages 216-225, December.
    • Handle: RePEc:vra:pr1712:y:2017:i:1:p:216-225
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    File URL: http://conference.ue-varna.bg/oit/files/sbornik/19-%D0%92%D0%B5%D0%BD%D0%B8%D0%B0%D0%BC%D0%B8%D0%BD-%D0%A2%D0%BE%D0%B4%D0%BE%D1%80%D0%BE%D0%B2.pdf
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    More about this item

    Keywords

    fiscal policy; international government debt securities market; budget deficit financing;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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