The Microeconomic Impact of Financial Crises: The case of Bulgaria
Jamus Lim2005, Discussion Papers, Bulgarian National Bank
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The existing literature on international financial crises has tended to focus on macroeconomic aspects, such as weaknesses in macroeconomic fundamentals and self-fulfilling expectations. More recent work has sought to fill in the gap in the microeconomic impact of financial crises. This paper utilizes a longitudinal household survey dataset for Bulgaria to examine differences in consumption expenditure from the year 1995 to 1997, during which time the economy experienced a financial crisis. Its primary finding is that the ...
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