Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring
This paper looks at Bulgaria's industrial restructuring through the lenses of its evolving specialization in international division of labor and integration into international markets with a special emphasis on EU markets. Its major findings can be summarized as follows: (1) Developments in Bul...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2006/03/6616034/bulgarias-integration-pan-european-economy-industrial-restructuring http://hdl.handle.net/10986/8340 |
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okr-10986-83402021-04-23T14:02:40Z Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring Kaminski, Bartlomiej Ng, Francis ASSETS BALANCE OF PAYMENTS BUDGET CONSTRAINTS CENTRAL PLANNING CLOTHING EXPORTS COMPARATIVE ADVANTAGE COMPETITIVE MARKETS COMPETITIVE PRESSURES COMPETITIVENESS DEBT ECONOMIC POLICY EXPORT BASKET EXPORT EXPANSION EXPORT GROWTH EXPORT PERFORMANCE EXPORT SHARES EXPORT SPECIALIZATION EXPORTERS EXPORTS EXPORTS OF GOODS FACTOR ENDOWMENTS FACTORS OF PRODUCTION FINANCIAL CRISIS FINANCIAL SECTOR FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN TRADE GDP GLOBAL MARKETPLACE GLOBAL MARKETS GROWTH RATE HUMAN CAPITAL INDUSTRIAL PRODUCTS INDUSTRIAL RESTRUCTURING INTERNATIONAL MARKETS LABOR MARKETS MACROECONOMIC CRISIS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ECONOMY MONOPOLY OUTSOURCING PATTERN OF TRADE PREFERENTIAL MARKETS PRICE LIBERALIZATION PRODUCERS PURCHASING POWER RECESSION REGIONAL INTEGRATION SPECIALIZATION TOTAL OUTPUT TOURISM TRADE DATA TRADE IN GOODS TRADE IN SERVICES TRADE PERFORMANCE TRANSITION ECONOMIES UNSKILLED LABOR VALUE OF EXPORTS VALUE OF IMPORTS WORLD MARKETS This paper looks at Bulgaria's industrial restructuring through the lenses of its evolving specialization in international division of labor and integration into international markets with a special emphasis on EU markets. Its major findings can be summarized as follows: (1) Developments in Bulgaria's exports, its major drivers and factor content, during the "second transition" following the 1996 crisis have become reminiscent of developments in the early 1990s in European transition economies that have stayed the reform course. (2) The evolution of Bulgaria's total exports in terms of factor intensities before the "second transformational" recession was a testimony to aborted economic reforms. It not only defied expectations derived from the experience of CEEC-10 economies and its production factor endowments but also dramatically increased the cost of adjustment to market conditions for the economy as a whole. (3) Exports of unskilled labor-intensive products continue towering over other exports even during the current expansionary phase. The composition of top performers in EU markets indicates the shift toward natural resource and capital-intensive products. Bulgaria's export offer in EU markets has begun shifting toward more processed goods, mostly products of electro-engineering sectors. Bulgarian producers have made significant strides in information communication technology products and automotive parts. Trade in parts and engineering products has displayed strong growth. The returns usually associated with liberal reforms, that is, gains in competitiveness combined with a shift toward products in line with the country's endowments in production factors began to surface only recently. In contrast to the period preceding the second transformational recession in 1996-97, gains in competitiveness derive from corporate and industrial restructuring and not from subsidies. 2012-06-18T20:07:52Z 2012-06-18T20:07:52Z 2006-03 http://documents.worldbank.org/curated/en/2006/03/6616034/bulgarias-integration-pan-european-economy-industrial-restructuring http://hdl.handle.net/10986/8340 English Policy Research Working Paper; No. 3863 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Bulgaria |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ASSETS BALANCE OF PAYMENTS BUDGET CONSTRAINTS CENTRAL PLANNING CLOTHING EXPORTS COMPARATIVE ADVANTAGE COMPETITIVE MARKETS COMPETITIVE PRESSURES COMPETITIVENESS DEBT ECONOMIC POLICY EXPORT BASKET EXPORT EXPANSION EXPORT GROWTH EXPORT PERFORMANCE EXPORT SHARES EXPORT SPECIALIZATION EXPORTERS EXPORTS EXPORTS OF GOODS FACTOR ENDOWMENTS FACTORS OF PRODUCTION FINANCIAL CRISIS FINANCIAL SECTOR FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN TRADE GDP GLOBAL MARKETPLACE GLOBAL MARKETS GROWTH RATE HUMAN CAPITAL INDUSTRIAL PRODUCTS INDUSTRIAL RESTRUCTURING INTERNATIONAL MARKETS LABOR MARKETS MACROECONOMIC CRISIS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ECONOMY MONOPOLY OUTSOURCING PATTERN OF TRADE PREFERENTIAL MARKETS PRICE LIBERALIZATION PRODUCERS PURCHASING POWER RECESSION REGIONAL INTEGRATION SPECIALIZATION TOTAL OUTPUT TOURISM TRADE DATA TRADE IN GOODS TRADE IN SERVICES TRADE PERFORMANCE TRANSITION ECONOMIES UNSKILLED LABOR VALUE OF EXPORTS VALUE OF IMPORTS WORLD MARKETS |
| spellingShingle |
ASSETS BALANCE OF PAYMENTS BUDGET CONSTRAINTS CENTRAL PLANNING CLOTHING EXPORTS COMPARATIVE ADVANTAGE COMPETITIVE MARKETS COMPETITIVE PRESSURES COMPETITIVENESS DEBT ECONOMIC POLICY EXPORT BASKET EXPORT EXPANSION EXPORT GROWTH EXPORT PERFORMANCE EXPORT SHARES EXPORT SPECIALIZATION EXPORTERS EXPORTS EXPORTS OF GOODS FACTOR ENDOWMENTS FACTORS OF PRODUCTION FINANCIAL CRISIS FINANCIAL SECTOR FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN TRADE GDP GLOBAL MARKETPLACE GLOBAL MARKETS GROWTH RATE HUMAN CAPITAL INDUSTRIAL PRODUCTS INDUSTRIAL RESTRUCTURING INTERNATIONAL MARKETS LABOR MARKETS MACROECONOMIC CRISIS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ECONOMY MONOPOLY OUTSOURCING PATTERN OF TRADE PREFERENTIAL MARKETS PRICE LIBERALIZATION PRODUCERS PURCHASING POWER RECESSION REGIONAL INTEGRATION SPECIALIZATION TOTAL OUTPUT TOURISM TRADE DATA TRADE IN GOODS TRADE IN SERVICES TRADE PERFORMANCE TRANSITION ECONOMIES UNSKILLED LABOR VALUE OF EXPORTS VALUE OF IMPORTS WORLD MARKETS Kaminski, Bartlomiej Ng, Francis Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| geographic_facet |
Europe and Central Asia Bulgaria |
| relation |
Policy Research Working Paper; No. 3863 |
| description |
This paper looks at Bulgaria's industrial restructuring through the lenses of its evolving specialization in international division of labor and integration into international markets with a special emphasis on EU markets. Its major findings can be summarized as follows: (1) Developments in Bulgaria's exports, its major drivers and factor content, during the "second transition" following the 1996 crisis have become reminiscent of developments in the early 1990s in European transition economies that have stayed the reform course. (2) The evolution of Bulgaria's total exports in terms of factor intensities before the "second transformational" recession was a testimony to aborted economic reforms. It not only defied expectations derived from the experience of CEEC-10 economies and its production factor endowments but also dramatically increased the cost of adjustment to market conditions for the economy as a whole. (3) Exports of unskilled labor-intensive products continue towering over other exports even during the current expansionary phase. The composition of top performers in EU markets indicates the shift toward natural resource and capital-intensive products. Bulgaria's export offer in EU markets has begun shifting toward more processed goods, mostly products of electro-engineering sectors. Bulgarian producers have made significant strides in information communication technology products and automotive parts. Trade in parts and engineering products has displayed strong growth. The returns usually associated with liberal reforms, that is, gains in competitiveness combined with a shift toward products in line with the country's endowments in production factors began to surface only recently. In contrast to the period preceding the second transformational recession in 1996-97, gains in competitiveness derive from corporate and industrial restructuring and not from subsidies. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Kaminski, Bartlomiej Ng, Francis |
| author_facet |
Kaminski, Bartlomiej Ng, Francis |
| author_sort |
Kaminski, Bartlomiej |
| title |
Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| title_short |
Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| title_full |
Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| title_fullStr |
Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| title_full_unstemmed |
Bulgaria's Integration into the Pan-European Economy and Industrial Restructuring |
| title_sort |
bulgaria's integration into the pan-european economy and industrial restructuring |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/03/6616034/bulgarias-integration-pan-european-economy-industrial-restructuring http://hdl.handle.net/10986/8340 |
| _version_ |
1764405815247110144 |