The Bulgarian Fiscal Policy and the International Debt Securities Market

Veniamin Todorov ()
Additional contact information
Veniamin Todorov: University of Economics - Varna

Economy and Economic Theory: Problems and Interactions, Conference Proceedings 2017, 2017, issue 1, 216-225

Abstract: The paper studies the relation between the international government debt securities market (IGDSM) and the way the Bulgarian fiscal policy operates. The time period is from the 3rd quarter of 1994 to the 1st quarter of 2017. First, the connection between the fiscal stance, the budget deficit financing and the IGDSM is defined. Second, the participation of the Bulgarian government in the IGDSM is analyzed. Four strands of analysis define the framework of the study: 1) the amount of debt denominated in international securities; 2) the choice of market segment - the international money market or the international bond market; 3) the interest rate structure - the choice between fixed and floating interest rate instruments; 4) the currency structure - the choice of different currencies of denomination. The dynamics and trends are identified and characterized. Moreover, the different determinants that stand behind them are defined and analyzed.

Keywords: fiscal policy; international government debt securities market; budget deficit financing (search for similar items in EconPapers)
JEL-codes: A00 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://conference.ue-varna.bg/oit/files/sbornik/19 ... 1%80%D0%BE%D0%B2.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vra:pr1712:y:2017:i:1:p:216-225

Access Statistics for this article

More articles in Economy and Economic Theory: Problems and Interactions, Conference Proceedings 2017 from Department of Economics, University of Economics - Varna Contact information at EDIRC.
Bibliographic data for series maintained by Hristo Mavrov () and Pavel Petrov ().