Bulgaria : Household Welfare during the 2010 Recession and Recovery
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Washington, DC
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This report assesses the impact of the
2009 recession and the fragile recovery of 2010 on the
welfare of Bulgarian households and the effectiveness of
Government policies in mitigating its costs. By the
beginning of 2009, the global economic crisis had affected
much of Europe, including Bulgaria. The output decline
lasted five quarters, followed by a modest increase during
the rest of 2010. However, despite the large fluctuation in
output during 2009-10, households preserved their 2008
income level throughout this period. What lies behind this
example of successful income smoothing amid a large regional
and national recession? Which were the key transmission
channels through which the macro crisis filtered through to
the household level? What population groups were most
affected? What was the role played by public policy in
mitigating the impact of the crisis? What lessons can be
learned from the Bulgarian experience on protecting
households during a crisis, while maintaining prudent fiscal
and macroeconomic policies? To answer these questions, the
report uses an exceptionally rich survey to assess how
households were impacted, how they responded to the crisis
and how/if they benefited from a comprehensive government
policy package.
Palabras clave
ABSOLUTE POVERTY, ACCESS TO SERVICES, ACCOUNTING, ACTIVE LABOR, ACTIVE LABOR MARKET, ACTIVE LABOR MARKET PROGRAMS, ADMINISTRATIVE COSTS, AGE GROUP, AGE GROUPS, AGGREGATE DEMAND, AGRICULTURAL EMPLOYMENT, AGRICULTURE, ARREARS, ASSET HOLDINGS, ASSET VALUES, BENEFICIARIES, BORROWING, BUDGET DEFICIT, CHILD ALLOWANCES, COMMODITY PRICES, CONSUMER GOODS, CONSUMER PRICE INDEX, CONSUMPTION EXPENDITURE, CREDIT AVAILABILITY, CREDIT MARKET, CURRENCY, DISCOURAGED WORKERS, DISTRIBUTION OF BENEFITS, DURABLE, DURABLE GOODS, DURABLES, EARNING, ECONOMIC CONDITIONS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC RECOVERY, ECONOMIC SECTORS, ECONOMIC SHOCK, ECONOMIC SHOCKS, ECONOMIC SITUATION, ELASTICITY, EMPLOYEE, EMPLOYMENT GROWTH, EMPLOYMENT INCOME, EMPLOYMENT LEVEL, EMPLOYMENT PROSPECTS, EMPLOYMENT STATUS, EQUIPMENT, EXCHANGE RATES, EXPENDITURES, EXPORTS, FAMILY LABOR, FEMALE-HEADED HOUSEHOLDS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SHOCKS, FOOD CONSUMPTION, FOOD EXPENDITURE, FOREIGN DIRECT INVESTMENT, FRAUD, GDP, GINI COEFFICIENT, GOVERNANCE ISSUES, GOVERNMENT EXPENDITURE, GOVERNMENT POLICIES, GOVERNMENT POLICY, GROSS DOMESTIC PRODUCT, GROWTH PROJECTIONS, GROWTH RATE, HEALTH INSURANCE, HIGH UNEMPLOYMENT, HOUSEHOLD BUDGET, HOUSEHOLD CHARACTERISTICS, HOUSEHOLD CONSUMPTION, HOUSEHOLD ENTERPRISE, HOUSEHOLD HEAD, HOUSEHOLD INCOME, HOUSEHOLD INCOMES, HOUSEHOLD PLOTS, HOUSEHOLD SIZE, HOUSEHOLD SURVEY, HOUSEHOLD SURVEYS, HOUSEHOLD WELFARE, HUMAN CAPITAL, HUMAN DEVELOPMENT, INCIDENCE OF POVERTY, INCOME, INCOME DISTRIBUTION, INCOME GROUPS, INCOME INEQUALITY, INCOME LEVEL, INCOME LEVELS, INCOME POVERTY, INCOME QUINTILE, INCOME SHOCK, INCOME SHOCKS, INCOME SMOOTHING, INFLATION, INFLATION RATES, INFORMAL EMPLOYMENT, INFORMAL LABOR MARKET, INFORMAL LOANS, INFORMAL SAFETY NETS, INFORMAL SECTOR, INFORMAL TRANSFERS, INTEREST INCOME, INTERNATIONAL BANK, JOB LOSS, JOB LOSSES, LABOR FORCE, LABOR MARKET, LABOR MARKET CONDITIONS, LABOR MARKET POLICY, LABOR MARKET PROGRAMS, LABOR MARKET SITUATION, LABOR MARKETS, LABOR REGULATION, LABOR SHORTAGES, LABOR SUPPLY, LIVING STANDARD, LIVING STANDARDS, MACROECONOMIC DATA, MACROECONOMIC POLICIES, MACROECONOMIC SHOCKS, MARKET PRICES, MARKET VALUES, MOBILE PHONE, MONETARY FUND, MORTGAGE, MORTGAGES, NET EXPORTS, OLDER WORKERS, OPEN ECONOMY, PENSION, PENSIONS, PER CAPITA CONSUMPTION, PER CAPITA INCOME, POLICY RESPONSE, POOR, POOR HOUSEHOLDS, PORTFOLIO, POVERTY DYNAMICS, POVERTY GAP, POVERTY GAP INDEX, POVERTY HEADCOUNT RATE, POVERTY INDICATORS, POVERTY LINE, POVERTY MEASURES, POVERTY PROFILE, POVERTY RATES, POVERTY RISK, POVERTY STATUS, PRELIMINARY RESULTS, PREVIOUS STUDIES, PRICE CHANGES, PRIMARY EDUCATION, PRIMARY SOURCE, PRIVATE COSTS, PRIVATE SECTOR, PRIVATE SECTOR WORKER, PRIVATE TRANSFERS, PRODUCT MARKETS, PUBLIC SECTOR WORKER, PUBLIC SERVICES, PUBLIC SPENDING, PURCHASING POWER, REAL WAGES, RECESSION, REMITTANCES, RETAIL TRADE, RURAL, RURAL INCOMES, RURAL POVERTY, SAFETY, SAFETY NET, SAVINGS, SELF-EMPLOYMENT INCOME, SOCIAL ASSISTANCE, SOCIAL BENEFITS, SOCIAL IMPACTS, SOCIAL INCLUSION, SOCIAL INSURANCE SYSTEM, STOCK MARKET, TARGETING, TAX, TOTAL EMPLOYMENT, TOTAL WAGE, TRADING, UNEMPLOYED, UNEMPLOYMENT, UNEMPLOYMENT BENEFIT, UNEMPLOYMENT BENEFITS, UNEMPLOYMENT INSURANCE, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, WAGE BILL, WAGES, WEALTH, YOUTH UNEMPLOYMENT