As has been the case in most developing and transition economies, banks in Bulgaria have been the dominant financial institution. Development'of other financial institutions, especially private sector institutions, has been very slow during most of the 1990s. The failure to properly regulate the...

The study chronicles the changes that took place in the Bulgarian financial system during and following the crisis in 1996 and 1997. The sections on the Bulgarian National Bank and the money supply reflect the changes brought about by the establishment of the currency board. Separate sections...

The monography analyzes the banking system in Bulgaria during the initial period of its development after the transition from centrally planned to a market economy started in 1991. The analysis covers the period 1991-1994 and it is focused on the most important characteristics of the commercial...

A mass privatization program has been developed and executed in Bulgaria during the period 1995-1998. The study examines the creation of the institutions needed to ensure an effective capital market and mechanisms for stockholder control over the direction of the private enterprises which have...

The growth dynamics of green sea turtles resident in four separate foraging grounds of the southern Great Barrier Reef genetic stock were assessed using a nonparametric regression modeling approach. Juveniles recruit to these grounds at the same size, but grow at foraging-ground-dependent rates...

Intrinsically trustworthy agents never cheat. A society's willingness to trust and the quality of its institutions have their origins in the intrinsic trustworthiness of its citizens. Trustworthiness is the basis for maximizing output in economic exchange and in explaining differences in...

We examine the impact of the values respect for others and responsibility on productivity and the accumulation of physical and human capital for a sample of 58 countries. We find that these two core values are important and that their impact is substantial. Respect for others works primarily...

Trust is often considered a determinant of economic performance. The exogeneity of trust, however, is questionable. We develop a model with heterogeneous agents to determine aggregate trustworthiness, trust, and output. People differ according to their risk aversion (caution). The distribution...

Intrinsically trustworthy agents never cheat. A society's willingness to trust and the quality of its institutions have their origins in the intrinsic trustworthiness of its citizens. Trustworthiness is the basis for maximizing output in economic exchange and in explaining differences in...

In many African countries, governments are re-thinking the role of the state in centrally providing certain goods and services. The rights and responsibilities for providing various public goods are being decentralized to lower levels of government administration, and/or being devolved directly...