We use the analogy of ecological succession as our conceptual framework. We apply this analogy to the history of foreign banks in Bulgaria and argue that the current predominance of foreign banks is unlikely to be permanent, even without government action. Foreign banks have entered Bulgaria...

How were contracts among firms enforced in the early phase of a transition economy when firms lacked experience with commercial contracts or legal procedures? What were their views of their new business environment? We interviewed a sample of Bulgarian firms, including private, state-owned and...

Transition countries, and many other countries with incomplete markets, have faced long periods with both high inflation and unemployment. Policies to reduce inflation without high unemployment include incomes policies, which were widely employed in transition countries. This paper studies the...