A Market Economy Manifesto for Bulgaria

Steve Hanke ()
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Steve Hanke: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 5, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: Prof. Hanke served as an adviser to Bulgarian President Petar Stoyanov, from 1997-2002. In 1997, Bulgaria adopted a Currency Board System, based on Prof. Hanke’s draft Currency Board Law, which he authored at the request of President Stoyanov. The Currency Board brought an end to Bulgaria’s hyperinflation, which peaked with a monthly inflation rate of 242%, in February 1997. This paper, “A Market Economy Manifesto for Bulgaria,” was originally presented as the keynote address, delivered at the Investment Forum 2002, Sofia. In that 2002 keynote speech, Prof. Hanke advocated a flat tax for Bulgaria. In 2008, Bulgaria followed that recommendation and adopted a flat tax rate of 10% on personal and corporate income.

Pages: 7 pages
Date: 2013-03
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