Abstract

STABILIZATION POLICIES IN BULGARIA AND YUGOSLAVIA DURING COMMUNISM’S TERMINAL YEARS: 1980s ECONOMIC VISIONS IN RETROSPECT

                                                                      Roumen Avramov
                                                        Centre for Liberal Strategies, Sofia
                                                                      Dragana Gnjatović
                                                             Megatrend University, Belgrade

ABSTRACT

We adopt a comparative view of the stabilization policies designed and implemented in Bulgaria and Yugoslavia during the fatal economic crises of their regimes in late 1980s. The role of the IMF can be better highlighted by comparing “with (Yugoslavia)-without (Bulgaria)” scenarios in a communist context. The authorities' views are discussed and newly accessible archival evidence is presented in the case of Bulgaria. The ruling elites’ vision is confronted by that of critical professionals thus permitting a retrospective assessment of the conceptual readiness of the society for the forthcoming transition to a market economy in the early 1990s.

Keywords: macroeconomic stabilization; inflation; communist economy; Bulgaria; Yugoslavia.

JEL classification:E63; N10; P24.