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Debt Conversion Program: Guidelines for Bulgaria, June 1995
The economic changes of the past years in Eastern Europe and particularly in Bulgaria have created a new environment for the international business. Despite the serious economic, financial and structural challenges, Bulgaria's potential for privatization, industrial modernization and rapid economic growth are unprecedented. more »
 
Debt Conversion Program: Guidlines for Bulgaria, Final Study, by Mariana Todorova and CSD Team, June 1995
The economic changes of the past years in Eastern Europe and particularly in Bulgaria have created a new environment for the international business. Despite the serious economic, financial and structural challenges, Bulgaria's potential for privatization, industrial modernization and rapid economic growth are unprecedented. more »
 
The Use of Bulgarian Foreign Debt Bonds in Privatization, June 1995
Bulgaria is the only country in Central and Eastern Europe to allow the use of foreign debt bonds in privatisation. It is a challenge to introduce a debt-for-equity swap mechanism in a country which is in transition from a centrally planned to a market economy, because of the unique nature of this transition. Of course, it is being carried out based on the considerable experience and analyses of the effect of the debt-for-equity swaps in some countries in Latin America and Africa. The Bulgarian experience is quite modest, since the legal framework of such swaps was enforced only in December 1994. more »
 
Legal Aspects of the Private Sector in Bulgaria, March 1995
Following the socialist revolution in 1944, the legal system and legislation served the purpose of fortifying the economic framework of socialist society. A number of laws adopted in the first years of socialism put public property and socialist planned economy in the foreground. Private property was rejected and certain laws were passed stipulating the expropriation of private means of production, the collectivization of farm land, and finally, the nationalization of personal property of citizens - housing, and others. more »
 
Recommendations to Facilitate Expanded Economic Relations Between Bulgaria and the United States, January 1995
The recommendation presented in this document were developed by the Center for the Study of Democracy, based on discussions held during the Bulgarian-American Economic Cooperation Forum, and subsequent consultations with a variety of the participants. These recommendations do not necessary reflect the views of the Bulgarian and American institutions represented at the forum. more »
 
Debt-Equity Swaps In The Context Of Privatization: The Case Of Bulgaria, 1995 by Sophia Kassidova
Bulgaria is continuing transformation towards market-driven economy in a rather strained environment - huge foreign debt burden, sustained losses due to the Gulf War and the UN embargo against Serbia and Montenegro. The establishment of private property and market-oriented legislation, and the ongoing law reform aim at promoting private sector expansion and removing restrictions to foreign capital inflow. more »
 
Development of the Private Sector in Bulgaria, by Daniela Bobeva and CSD Team, 1995
The current study aims at presenting the general tendencies in the development of the Bulgarian private sector shortly before the reforms and during the so called "transition to a market economy" in order to substantiate some basic recommendations regarding the policy in this area. The study makes use of all possible sources of information: National Statistical Institute's monthly data, current statistical surveys, representative studies of the private sector, balance sheets and P&L statements of state and private companies, sociological studies, the Business register of Bulgaria, documents and articles in the mass media, as well as CSD own research. more »
 
Movement of Capital and Payments. Monetary and Financial Policies and Convertibility of the Bulgarian Lev, by Lubomir Christov and Alexander Mihailov, 1995
Monetary union is the final stage in economic and financial integration among countries, in the specific case analyzed in the present paper among the countries participating in the Treaty of Maastricht providing for the implementation of such a union as the ultimate objective of the convergence toward a unified Europe. Membership in such a union would require the adoption of a common currency and its circulation as a single legal tender (or the final and irrevocable pegging of exchange rates among the currencies of the participating countries), as well as the conduct of common monetary (including foreign-exchange) policy. more »
 
Prospects For Foreign Investments In The Bulgarian Privatization Process, December 1994
Bulgaria welcomes foreign investment in the ongoing process of privatization, including, of course, American investment. This short paper describes Bulgaria’s privatization regulations, the transactions completed to date, the program for 1995, and three new instruments in privatization, namely: (a) the mass privatization scheme, (b) internal debt-for-equity swaps, and (c) foreign debt-for-equity swaps. We hope that this information will be of interest to the participants in the Bulgarian-American Economic Cooperation Forum. more »
 
American Investment In Bulgaria, December 1994
From 1990 until the end of September 1994, sixty-nine investments of declared American origin were registered at the Ministry of Finance. Forty-three of them were made in Bulgarian Leva. The total volume of American investment is 18,662,000 USD, or 6.5% of the total foreign investment inflow to Bulgaria (in comparison, Germany invested 177,305,000 USD). The United States place fifth in terms of invested capital in Bulgaria. more »
 

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