Based on an analytical narrative, and utilizing macroeconomic and new institutional economic theory, this exposition studies the Bulgarian economy during the decades after 1989. The three decades are placed in the context of the century-and-a-half-long Bulgarian development and convergence dynamic. They are then presented in terms of clearly defined sub-periods, and each sub-period is analyzed in detail. The analysis for each period focuses on three sets of issues: macroeconomic developments, microeconomic developments, and institutional changes. The exposition ends by applying the insights from the analysis to the question of whether the state of the economy in Bulgaria as of 2019 gives grounds for pessimism (Bulgaria will continue the cycles of unsuccessful convergence) or for optimism (Bulgaria will achieve an unprecedented degree of convergence in the coming decades). The answer is that at present both expectations can be supported by sets of serious arguments.

中文翻译：

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保加利亚经济 1989–2019

本次展览基于分析叙述，利用宏观经济和新制度经济理论，研究了 1989 年之后几十年的保加利亚经济。这三个十年被置于一个半世纪保加利亚发展和趋同的背景下动态的。然后按照明确定义的子期间呈现它们，并对每个子期间进行详细分析。每个时期的分析集中在三组问题上：宏观经济发展、微观经济发展和制度变迁。博览会最后将分析中的见解应用于以下问题：截至 2019 年保加利亚的经济状况是悲观（保加利亚将继续不成功的收敛循环）还是乐观（保加利亚将达到前所未有的程度）未来几十年的融合）。答案是，目前这两种期望都可以得到一系列严肃的论据的支持。