Impact of Macroeconomic Policy on the Development of the Construction Market. Study of the Example of Bulgaria

Authors : Aneta Marichova

Volume/Issue : Volume 4 - 2019, Issue 11 - November

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The construction plays a key role and importance for the economic development of each country, but on the other hand, its development is primarily a consequence of the general economic development of the country. Construction activity is carried out cyclically, with constant ups and downs (function of the cyclical development of the economy), which are influenced and determined by the expectations of the business and households, from their confidence in income stability, employment, from the level of interest rate and government programs and opportunities for construction of large infrastructure sites. Given the volatility of the construction market and the strong macroeconomic effect of its development it is subject to a specific macroeconomic policy. The following questions arise in this connection, which are the subject of study: what is the influence of macroeconomic policy on the development of construction, how they should be combined fiscal and monetary policy to reduce cyclical fluctuations in the construction market and ensure long-term sustainable development?

Keywords : Construction Market, Fiscal Policy, Interaction Between Fiscal and Monetary Policy Macroeconomic Policy, Monetary Policy.


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