The Impact of External Shocks on the Bulgarian and Croatian Economies: Historical and Contemporary Aspects

Veselina Shalamanova () and Sonia Georgieva ()
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Veselina Shalamanova: Sofia University, Bulgaria
Sonia Georgieva: Sofia University, Bulgaria

Proceedings of the Centre for Economic History Research, 2023, vol. 8, 252-262

Abstract: Bulgaria and Croatia are small open economies that are not affected by prices and other macroeconomic variables internationally, but their economic activity depends on external economic trends that have an impact on their local economies. The aim of this paper is to trace and analyse the impact of external shocks on the economies of the two countries under consideration historically through a retrospective economic-historical analysis, which will clarify chronologically how, from similar starting points and potential, the two countries have different degrees of convergence vis-a-vis European Union countries and are moving at different rates of economic growth and development. It traces the impact of exogenous shocks affecting political stability, structural reforms, inflation, fiscal policy, foreign trade relations and other macroeconomic aspects as a consequence of the behaviour of the two countries.

Keywords: economic history; market economy; external shocks; energy crisis; Bulgaria; Croatia (search for similar items in EconPapers)
JEL-codes: E60 F00 H12 N10 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ceh:journl:y:2023:v:8:p:252-262

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