A Market Economy Manifesto for Bulgaria
Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise, Studies in Applied Economics, Working Paper No. 5
8 Pages Posted: 23 Apr 2013
Date Written: March 1, 2013
Professor Hanke served as an adviser to Bulgarian President Petar Stoyanov, from 1997 to 2002. In 1997, Bulgaria adopted a Currency Board System, based on Professor Hanke's draft Currency Board Law, which he authored at the request of President Stoyanov. The Currency Board brought an end to Bulgaria's hyperinflation which peaked with a monthly inflation rate of 242%, in February 1997.
This paper was original presented as the keynote address, delivered at the Investment Forum 2002, Sofia. In that 2002 keynote speech, Professor Hanke advocated a flat tax for Bulgaria. In 2008, Bulgaria followed that recommendation and adopted a flat tax rate of 10% on personal and corporate income.
Keywords: Steve Hanke, Bulgaria, Market, Economy, Manifesto, Johns Hopkins, Applied Economics
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