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Bulgaria’s Fiscal Expansion: Navigating Through Stormy Waters
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Georgy Ganev
When the global economic crisis wreaked havoc across the world, most governments responded with a dramatic increase in spending. Their reactions had two main goals in mind: first, to bailout failing financial systems and second, to substitute the decline in private demand with a boost in aggregate public spending. For Bulgaria, fiscal stimulus programs proved to present their own unique set of challenges.
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