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Velichka Nikolova
EFFECTS OF THE GLOBAL ECONOMIC CRISIS AND THE COVID-19 PANDEMIC ON SOVEREIGN DEBT MANAGEMENT IN HEAVILY INDEBTED COUNTRIES
Summary:
This article presents an analysis of the sovereign debt in some heavily indebted countries worldwide, including Venezuela, Sudan, Japan and Greece. Its main objective is to track and compare the initial effects of the global financial and economic crisis (2008) and the COVID-19 pandemic on sovereign debt levels in those countries. This is why it starts with a classification of the theoretical concepts addressing the relationship between economic crises and changes in the levels of sovereign debt. It then defines the main drivers for the sharp increase of the sovereign debt in these countries and describes the dynamics of the revenues, expenditures and balances of their budgets.
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Dimcho Ivelinov Shopov
ANALYSING AND FORECASTING THE DEBT BURDEN OF THE EU COUNTRIES: IS THERE A NEW EUROPEAN DEBT CRISIS ON THE HORIZON?
Summary:
The debt crisis which afflicted Europe highlights the weaknesses and instability of the EU member states' financial systems, as well as the inability of their national economies to maintain normal levels of indebtedness. The deteriorating economic environment requires changes in the fiscal policies across Europe. These changes are effected using new financial instruments to raise the necessary funds for implementation of economic reforms in the EU member states. The aim of this study is to analyse the current levels of sovereign debt across the European Union and to forecast their development in the future using specialized econometric software. The results may be used to identify possible future economic shocks in Europe.
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Dimitar M. Ivanov
MACROECONOMIC CHALLENGES AND RISKS POSED BY THE GLOBAL CORONAVIRUS CRISIS
Summary:
The article presents an analysis of the current global eco¬nomic crisis caused by the coronavirus pandemic in 2020. The author’s objecttives were to define and discuss the characteristics of the current crisis and its external causes as well as the macroeconomic, financial, institutional and social imbalances in the period after the global financial crisis of 2008 that led to its outbreak. Using this analysis, the author is identifying some longer-term macroeconomic challenges and risks that would deepen and prolong the current crisis as on a global scale as well as in the economies of Europe and Bulgaria. The main thesis to which the author adheres is that although the contemporary crises that occurred in 1929, during the 70s, and in 2008 had typical common characteristics and provided us with valuable lessons to be learnt, each of those crises had its own character and features. Based on this thesis, the article draws attention to the essential critical problems of the global economy in addition to those caused by the coronavirus shock.
