�Business World� Library

Alexander Alexandrov
THE BUSINESS CYCLE AND ITS CONTEMPORARY CHARACTERISTICS
JEL: E32

Keywords: business cycle, Bulgaria

Summary: The article aims to present the business cycle phenomenon and its contemporary characteristics. Understanding the business cycle theory will allow for more in-depth research on this subject for the Bulgarian economy, through which to increase the macroeconomic efficiency of the country's economic policy.
Ivan Todorov, Alexander Alexandrov, Kalina L. Durova
FUTURE EURO AREA MEMBERSHIP OF BULGARIA IN TERMS OF THE BUSINESS CYCLE
JEL: E32, E42, E50

Keywords: Bulgaria, membership, euro area, business cycles, synchronization.

Summary: In the present paper, vector autoregression (VAR) is used to assess the extent to which Bulgaria�s economic cycle is synchronized with the one of the euro area (EA). The main fiscal and monetary factors affecting the coordination of the business cycles of Bulgaria and the EA are identified. Recommendations for macroeconomic policies are formulated to support the synchronization of Bulgaria�s economic cycle with the one of the EA and to prepare our country for the adoption of the euro.