Външната търговия на България през първата половина на ХХ в.: развитие и адаптация
Foreign Trade of Bulgaria during the First Half of the 20th Century: Development and Adaptation

Summary/Abstract: The paper explores the foreign trade of Bulgaria in the years 1900 – 1945. It depicts the development of merchandise trade on the background of the country’s economic growth during the first half of the 20th century. GDP estimates for the whole period enable the evaluation of trade openness and its comparison to that of other European countries. Trade outcomes are assessed in terms of level and growth (the intensive margin), and diversification (extensive margin). The results of the analysis suggest increased dynamism in the Bulgarian economy and its external sector in the period between the two world wars. This newly found resilience enables the economy to recover after World War I and the Great Depression.

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