Problems and perspectives of fiscal sector in Bulgaria

Emil Kalchev

Economic Thought journal, 2013, issue 6, 35-51, 52-67

Abstract: The article presents an analysis on the budget balance as a key indicator of the fiscal sector processes. The text considers different techniques for its funding - from the fiscal reserve and via government debt. Total government revenues and expenditures, with their respective structure and trend patterns, are revealed as determinants of the budget balance. It is on this basis that major problems in the formation of government revenues and expenditures, which illustrate the dynamics of the budget balance, are highlighted. The structure of public budgets is a focal point in the analysis, which helps elaborate on factors generating surpluses (government budget and relations with the EU) and deficits - the municipal and social security sectors. This perspective allows us to consider the total budget deficit as a result of the inability of government budget deficits and relations with the EU to cover the deficits of municipalities and social security. Finally the analysis concentrates on the structure and current issues with tax revenues. The economic effects of income taxes are brought to the fore, as it is believed that they directly affect economic activity and economic growth. A strategy presenting a step by step solution to the issues discussed throughout the analysis of the fiscal sector is put forth.

JEL-codes: E62 G17 H20 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2013:i:6:p:35-51,52-67

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