In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of...

Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. To analyze the main determinants of secondary market prices of Bulgarian Brady bonds,...

As part of the growing search for more transparency and accountability in government finance, this article suggests guidelines for the production and dissemination of a citizens’ guide to the budget. Examples from a variety of countries help to illustrate why governments should publish an...

OECD Member countries have grown increasingly interested in the use of contract type arrangements in the 1990s as a means of improving public sector performance. This interest reflects a number of broad challenges to traditional governance structures. These challenges include the demand for...

Depuis le début des années 90, les pays Membres de l’OCDE se tournent de plus en plus vers la sous-traitance pour améliorer le rendement de la fonction publique. Cet intérêt accru est né d’un certain nombre de difficultés d’ordre général qui se posent aux structures...