Dynamics of Government Expenditure in the Conditions of Currency Board (1998-2004)

Author: Seniour Assist. Prof. Maria Neicheva (Burgas Free University)

Keywords: government expenditure, discretionary fiscal policy, HP filter.

The article focuses on the discretionary expenditure policy in Bulgaria between 1998 and 2004. The automatic budgetary changes are isolated from the discretionary policy interventions, using HP filter. The main conclusion, emerging from the study, is that during the period under the Currency Board Arrangement the total government spending was continuously growing. The analysis of the expenditure components witnesses some attempts to restrain the expansion of government consumption and transfer payments.
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