Simeon Djankov Simeon Djankov at World Economic Forum, Tianjin, China, September 13, 2010 Vice Premier Minister Incumbent Assumed office
July 27, 2009
Finance Minister Incumbent Assumed office
July 27, 2009
Preceded by Plamen Oresharski Personal details Born 13 July 1970
Nationality Bulgarian Spouse(s) Caroline Freund Website Official blog: (Bulgarian) www.simeondjankov.com
Simeon Djankov (Bulgarian: Симеон Дянков, Simeon Dyankov; b. 13 July 1970) is a Bulgarian economist and Deputy Prime Minister and Minister of Finance of Bulgaria in the government of Boyko Borisov. Prior to his cabinet appointment, Simeon Djankov was a Chief economist of the finance and private sector vice-presidency of the World Bank. In his fourteen years at the World Bank, he worked on regional trade agreements in North Africa, enterprise restructuring and privatization in transition economies, corporate governance in East Asia, and regulatory reforms around the world. Simeon Djankov was a principal author of the World Development Report 2002. He was an associate editor of the Journal of Comparative Economics from 2004 to 2009.
Simeon Djankov comes from an old line of political leaders. Among his predecessors was Radi Popmihov, revolutionary for Bulgarian freedom from Ottoman rule who established revolutionary committee in Novo Selo in 1872, alongside Vasil Levski. During the April Uprising in 1876 he was imprisoned together with Zahari Stoyanov, and later hanged. Radi Popmihov's time in prison is described in one of the significant historical books of Stoyanov - Memoirs of the Bulgarian Uprisings, in the chapter on Turnovo. Simeon Djankov's great-great-grandfather Miho Minkov was representative in the First Grand National Assembly after the Liberation, which appointed Bulgarian knjaz - Alexander of Battenberg. He was elected to represent the Sevlievo region and played important role in forming of then Bulgarian constitutional monarchist rule (Bulgaira is now republic).
Born in Sofia, Bulgaria on 13 July 1970, Djankov attended high school "Ekzarh Yosif I" in Lovech (1984–89). In 1989, he passed the entrance exam to the formerly named "Karl Marx Institute of Economics" (today University of National and World Economy) with the highest scores nationally. Simeon Djankov also holds doctorates from University of Pittsburgh and University of Michigan at Ann Arbor.
Work in Georgia
In 1997, Simeon Djankov participated in a World Bank enterprise restructuring project in Georgia. For the next year, the project surveyed most of the manufacturing enterprises in Georgia, identifying those with good export opportunities.
Since 2004, after the Rose Revolution, Simeon Djankov has visited Georgia frequently and worked with the government on reforming the business environment. Zurab Nogaideli, prime minister between 2005 and 2007, won a Reformer of the Year award in 2007. Djankov has worked closely with Kakha Bendukidze, the main architect of Georgia's economic reforms.
The World Bank's Doing Business project
Simeon Djankov has had a long and distinguished career at the World Bank, starting in 1995. He worked in over 100 countries, including Afghanistan, Azerbaijan, Brazil, Colombia, Egypt, Georgia, Kazakhstan, the Kyrgyz Republic, Macedonia, Moldova, Paraguay, Slovakia, Slovenia and Yemen.
Simeon Djankov is the creator of the annual Doing Business report, the top-selling publication of the World Bank Group. The report came out of joint research work with Professor Andrei Shleifer at Harvard University, and was inspired by Djankov's experience in overly-regulated socialist economies. Since its initial publication in November 2003, Doing Business has generated 19,000 media citations, and over 150,000 copies sold.
In June 2008, Djankov established the think-tank Ideas42, jointly with Antoinette Schoar (MIT Sloan), Eldar Shafir (Princeton) and Sendhil Mullainathan (Harvard), a Harvard University-International Finance Corporation venture. Another Bulgarian-born economist with Ideas42 is Plamen Nikolov (Harvard). The think tank applies the latest analysis to studying the economic lives of the poor, the development of small businesses, and access to finance. Several projects are co-sponsored with the Gates Foundation and the Institute for Financial Management and Research in India.
Minister of Finance of Bulgaria
On 27 July 2009, Simeon Djankov became Minister of Finance of Bulgaria. Minister Djankov reduced budget spending and managed to cut the budget deficit for 2009 to 4.7%. In 2010 it remained above the Maashtricht criteria - 3.2%, falling to 2,5% in 2011. On December 1, 2009, Standard&Poors upgraded Bulgaria's investment outlook from "negative" to "stable," the only country in the European Union to receive an upgrade that year. In January 2010 Moody's followed with an upgrade of its rating perspective from "stable" to "positive."
At the second GERB party congress Djankov urged delegates to lead such policies that the party wins a second term with full majority in parliament. This is needed, he said, to complete the reforms that would lead Bulgaria from poorest to middle-income country by Central European standards. Djankov believes in his role as an expert rather than a politician and even he is member of GERB cabinet he is not member of GERB party.
Dr Djankov is the second-youngest finance minister in the European Union, after the UK's George Osborne. He champions low taxes as a way to come out of the global economic crisis.
In 2010, Simeon Djankov inaugurated the Burov Hall at the Ministry of Finance, in honor of Atanas Burov. The hall contains the original desk and bookcase of Burov, as well as the original national budgets from 1880 onward. The only surviving oilpaint portrait of Atanas Burov is also as the hall, on loan from the Bulgarian Development Bank. The Ministry of Finance has initiated a program to collect the Burov manuscripts.
Deputy Prime Minister of Bulgaria
As Deputy Prime Minister, Dr Djankov is responsible for the reforms in the public administration, healthcare, higher education, and pensions.
In July 2010, the results of the first year of administrative reform were reported. The number of public officials was reduced by 11%, and the number of government institutions by 8%. This is the first time since the fall of socialism that administrative reform has resulted in an actual optimization in government.
- Hoekman, Bernard, and Simeon Djankov (1997). Determinants of the Export Structure of Countries in Central and Eastern Europe. World Bank Economic Review, 11, 3: 471-87.
- Hoekman, Bernard, and Simeon Djankov (1997). Effective protection and investment incentives in Egypt and Jordan during the transition to free trade with Europe. World Development, 25, 2: 281-291.
- Djankov, Simeon and Bernard Hoekman (1998). Conditions of Competition and Multilateral Surveillance. The World Economy, 21, 8: 1109-1128.
- Deardorff, Alan, and Simeon Djankov, (2000). Knowledge Transfer under Subcontracting: Evidence from Czech Firms. World Development, vol. 28(10), pp. 1837–1847, October.
- Claessens, Stijn, Simeon Djankov and Ashoka Mody (eds.), (2001) Resolution of Financial Distress (book). World Bank
- Botero, Juan, Simeon Djankov, Rafael La Porta, Florencio López de Silanes and Andrei Shleifer (2004). The Regulation of Labor. Quarterly Journal of Economics, 119: 1339-1382.
- Djankov, Simeon, Rafael La Porta, Florencio López de Silanes and Andrei Shleifer (2002). The Regulation of Entry. Quarterly Journal of Economics, 117: 1-37.
- Djankov, Simeon, Rafael La Porta, Florencio López de Silanes and Andrei Shleifer (2003). Courts. Quarterly Journal of Economics, 118: 453-517.
- Djankov, Simeon, Edward Miguel, Yingyi Qian, Gérard Roland and Ekaterina Zhuravskaya (2005). Who are Russia's Entrepreneurs?. Journal of the European Economic Association, 3, 2: 587-597.
- Djankov, Simeon, Yingyi Qian, Gérard Roland and Ekaterina Zhuravskaya (2006). Entrepreneurship in China and Russia Compared. Journal of the European Economic Association, 4, 2: 352-365.
- Djankov, Simeon, Caralee McLiesh and Andrei Shleifer (2007). Private Credit in 129 Countries. Journal of Financial Economics, May.
- Bertrand, Marianne, Simeon Djankov, Rema Hanna and Sendhil Mullainathan (2007). Obtaining a Driver's License in India: An Experimental Approach in Studying Corruption. Quarterly Journal of Economics, November.
- Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2008). The Law and Economics of Self-Dealing. Journal of Financial Economics, May.
- Djankov, Simeon, Caroline Freund and Cong Pham, Trading on Time. Review of Economics and Statistics, November 2008.
- Djankov, Simeon, Jose Montalvo and Marta Reynal-Querol, The Curse of Aid. Journal of Economic Growth, September 2008.
- Djankov, Simeon, Oliver Hart, Caralee McLiesh and Andrei Shleifer, Debt Enforcement around the World. Journal of Political Economy, December 2008
- Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer, Disclosure by Politicians. American Economic Journal: Applied Economics, March 2010.
- Deputy Prime Minister of Bulgaria
- Ministry of Finance, Bulgaria
- Doing Business report @ World Bank
- Simeon Djankov @ World Bank
- Google Scholar
- Editorial Board Journal of Comparative Economics
- How Nations Prosper: Economic Freedom and Doing Business around the World (Cato Institute Event)
- New Finance Minister Wins Austerity Praise
- Bulgaria Seeks to Adopt the Euro in 2013
- Bulgaria's Finance Minister Bullish Over Economy
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