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Željko Bogetic

Bulgaria’s prereform economy, roughly before 1991, was a highly centralized state, similar to most countries of the former Soviet Union. With the radical liberalization and stabilization program adopted in February 1991 by the government led by the former opposition, the country entered the transition to market in a political and macroeconomic tumult that continues several years later. This coincided with severe external shocks that were largely responsible for large declines in output and foreign trade: the former Council for Mutual Economic Assistance

Mr. Francis Fukuyama
Social capital is an instantiated informal norm that promotes cooperation between individuals. In the economic sphere it reduces transaction costs, and in the political sphere it promotes the kind of associational life that is necessary for the success of limited government and modern democracy. Although social capital often arises from iterated Prisoner’s Dilemma games, it also is a byproduct of religion, tradition, shared historical experience, and other types of cultural norms. Thus whereas awareness of social capital is often critical for understanding development, it is difficult to generate through public policy.
Željko Bogetic

Abstract

Bulgaria’s prereform economy, roughly before 1991, was a highly centralized state, similar to most countries of the former Soviet Union. With the radical liberalization and stabilization program adopted in February 1991 by the government led by the former opposition, the country entered the transition to market in a political and macroeconomic tumult that continues several years later. This coincided with severe external shocks that were largely responsible for large declines in output and foreign trade: the former Council for Mutual Economic Assistance disintegrated, and foreign trade flows with the former Soviet Union, on which much of Bulgaria’s industry depended, collapsed. In 1990–93, output declined by over 20 percent and at the end of the period unemployment reached 14 percent (Bogetić, 1996).

International Monetary Fund. External Relations Dept.

Following years of strong macroeconomic growth and progress in reducing inflation, the Belarus economy is facing serious risks, and the IMF, in its annual report on the country’s economic policies, called for a fundamental change of course. The good recent performance of the centralized, state-dominated economy—average GDP growth of 8.2 percent in 2002-05 and a gradual slowing of inflation to less than 7 percent—reflected, among other things, prudent fiscal and monetary policies and strong growth in the nation’s trading partners. But favorable outside

International Monetary Fund

Tajikistan CES Committee on Emergency Situations and Civil Defence under the Government of the Republic of Tajikistan CFWA Committee on Family and Women’s Affairs under the Government of the Republic of Tajikistan CHC City health care centre CIP Centralized Investment Programme CIS Commonwealth of Independent States CPR Chinese Peoples Republic CS Customs Service under the Government of the Republic of Tajikistan CSIP Centralized State Investment Programme CSPDI