Simeon Dyankov

Dyankov was born in Lovech, Bulgaria, on July 13, 1970. He attended Ekzarh Yosif I high school in Lovech (1984–1989). In 1989, he passed the entrance exam to the Karl Marx Institute of Economics (now University of National and World Economy). He holds a 1997 doctorate from the University of Michigan, on the topic "Three Essays on the Economics of Transition". His main thesis advisor was Alan Deardorff.

Dyankov has published in journals such as American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, the Journal of Finance and the Journal of Financial Economics. He co-edited the book The Resolution of Financial Distress with Stijn Claessens and Ashoka Mody.

Dyankov was one of the creators of the Human Capital Index, first published in the World Development Report 2019, which he co-directed. The academic study describing the index construction was published in the leading science journal Nature.{{Cite journal|doi = 10.1038/s41586-021-03323-7|title = Measuring human capital using global learning data|year = 2021|last1 = Angrist|first1 = Noam|last2 = Djankov|first2 = Simeon|last3 = Goldberg|first3 = Pinelopi K.|last4 = Patrinos|first4 = Harry A.|journal = Nature|volume = 592|issue = 7854|pages = 403–408|pmid = 33692542|pmc = 8046667|bibcode = 2021Natur.592..403A}}
– {{Cite web|url=https://www.worldbank.org/en/publication/wdr2019|title=World Development Report 2019: The Changing Nature of Work}}

After leaving the government of Boyko Borisov, Dyankov joined the Harvard Kennedy School as visiting faculty. His teaching is focused on the politics of development. At Harvard, Dyankov edited a special issue of the Journal of Comparative Economics on the 25th anniversary from the start of transition in Eastern Europe. Jointly with Anders Aslund at the Atlantic Council, he co-wrote a book on the transformation from communism.{{Cite web|url=https://www.piie.com/blogs/realtime-economic-issues-watch/transition-perspective-25-years-after-fall-communism|title=Transition in Perspective: 25 Years after the Fall of Communism|date=May 15, 2014|publisher=PIIE}} The book contains chapters by Leszek Balcerowicz on Poland, Václav Klaus on the Czech Republic, Lajos Bokros on Hungary, Ivan Mikloš on Slovakia and Mart Laar on Estonia.

In October 2013, it was announced that the board of directors of the private Moscow-based university New Economic School (NES), also known as the Russian Economic School, had approved Dyankov as its rector.{{Cite web|url=https://www.novinite.com/articles/154157/Bulgaria%27s+Ex-Finance+Minister+Djankov+Appointed+Rector+of+Private+University+in+Moscow |title=Bulgaria's Ex-Finance Minister Djankov Appointed Rector of Private University in Moscow |website=Sofia News Agency}} During his tenure as rector, the New Economic School moved to a new campus in the Skolkovo Innovation Center. Sergey Guriyev was the Rector at New Economic School (NES) until he resigned on 30 April 2013 and fled to France.{{cite news |title=Economist Who Fled Russia Details Intense Scrutiny |url=https://www.nytimes.com/2013/06/01/world/europe/economist-sergei-guriev-doesnt-plan-return-to-russia-soon.html |accessdate=31 May 2013 |newspaper=The New York Times |date=31 May 2013 |author=Ellen Barry |quote=I have not done anything wrong and do not want to live in fear}}{{cite news |last1=Gregory |first1=Paul Roderick |title=Leading Economist Gives Up On Putin's Russia |url=https://www.forbes.com/sites/paulroderickgregory/2013/05/30/leading-economist-gives-up-on-putins-russia |work=Forbes |date=30 May 2013}} In July 2014, Dyankov himself was put on a draft list under Russian foreign agent law and shortly resigned.{{cite web|title=Автоматизированная система обеспечения законодательной деятельности (Legislation online archive)|url=http://asozd2.duma.gov.ru/main.nsf/%28SpravkaNew%29?OpenAgent&RN=102766-6&02|work=Законопроект № 102766-6 (Draft law nr. 102766-6, in Russian)|accessdate=2013-06-01|archive-date=2018-06-24|archive-url=https://web.archive.org/web/20180624003723/http://asozd2.duma.gov.ru/main.nsf/(SpravkaNew)?OpenAgent|url-status=dead}}{{Cite web |date=2022-07-14 |title=Putin Signs Expanded 'Foreign Agents' Law |url=https://www.themoscowtimes.com/2022/07/14/putin-signs-expanded-foreign-agents-law-a78298 |access-date=2022-07-14 |website=The Moscow Times |language=en}}

Dyankov is the policy director at the Financial Markets Group, responsible for a large research project on post-Covid recovery.{{Cite web|url=https://www.fmg.ac.uk/people/simeon-djankov|title=Simeon Djankov is Principal Investigator of the project 'How the design of bankruptcy procedures impacts macroeconomic and employment outcomes in the post-Covid recovery period: lessons from previous crises' |publisher=Financial Markets Group}} The project shows that the pandemic caught governments in developing economies off guard,{{Cite web|url=https://cepr.org/voxeu/columns/covid-19-developing-economies-new-ebook|title=COVID-19 in developing economies: A new eBook |publisher=Center for Economic and Policy Research| access-date=February 26, 2023}} and that governments in Africa reacted in ways that pushed more people into the informal economy.{{Cite web|url=https://cepr.org/publications/books-and-reports/shaping-africas-post-covid-recovery|title=Shaping Africa's Post-Covid Recovery |publisher=Center for Economic and Policy Research| access-date=February 26, 2023}} In advanced economies the pandemic opened a larger gender gap in employment,{{Cite web|url=https://cepr.org/voxeu/columns/expanding-gender-gap-us-due-covid-19|title=The expanding gender gap in the US due to Covid-19 |publisher=Center for Economic and Policy Research| access-date=February 26, 2023}} while bankruptcies actually fell due to generous government support schemes, further expanding the inequality of opportunity between men and women.{{Cite web|url=https://cepr.org/voxeu/columns/covid-rages-bankruptcy-cases-fall|title=As COVID rages, bankruptcy cases fall |publisher=Center for Economic and Policy Research| access-date=February 26, 2023}}

His research is also on the rising income inequality in Russia,{{Cite web|url=https://cepr.org/voxeu/columns/how-war-increasing-inequality-russia|title=How the war is increasing inequality in Russia |publisher=Center for Economic Research| access-date=February 15, 2023}} including due to autarky.{{Cite web|url=https://atlantico.fr/|title=Comment la guerre en Ukraine accroît les inégalités en Russie (in French) |publisher=Atlantico| access-date=February 15, 2023}} The Russian economy looks inward, with imports down nearly 20% in 2022. Previous periods of autarkic policies in Russian and Soviet history have resulted in economic backwardness.{{Cite web|url=https://cepr.org/voxeu/columns/economic-backwardness-russia|title=Economic backwardness in Russia |publisher=Centre for Economic and Policy Research| access-date=March 10, 2023}} Vladimir Putin's presidency has accelerated the rise of Russian oligarchs:{{Cite web|url=https://www.piie.com/sites/default/files/publications/pb/pb15-18.pdf|title=Russia's Economy under Putin: From Crony Capitalism to State Capitalism |publisher=Peterson Institute for International Economics| access-date=March 18, 2023}}

"Closeness to Putin substitutes for the rule of law that usually protects private property in mature democracies. Such protection is mercurial, however. On occasion, billionaires fall out of favor and their assets are up for grabs."

His research on contagious protests, which draws on the Arab Spring events, is cited in numerous global newspapers.{{Cite web|url=https://link.springer.com/article/10.1007/s00181-023-02539-y|title=Contagious Protests |publisher=Empirical Economics| access-date=February 25, 2024}} Another line of research investigates economic sanctions.{{Cite web|url=https://cepr.org/voxeu/columns/patterns-sanctions-russian-individuals|title=Patterns in sanctions on Russian individuals|publisher=CEPR| access-date=November 8, 2024}}

In 2008, Dyankov established the think-tank Ideas42, jointly with Antoinette Schoar (MIT Sloan), Eldar Shafir (Princeton) and Sendhil Mullainathan (Harvard).[https://blogs.wsj.com/economics/2012/04/26/handicapping-the-john-bates-clark-medal/?KEYWORDS=djankov "Handicapping the John Bates Clark Medal"], The Wall Street Journal, April 12, 2012 Dyankov joined the Peterson Institute for International Economics in 2013 and re-joined it in 2020, working primarily on former socialist economies. In a 2016 lecture at the Kyiv School of Economics he argued that:{{Cite news|date=2016-02-26|title=Simeon Djankov, ex-Minister of finance of Bulgaria visited KSE with #UkraineReforms project|language=en|work=Kyiv School of Economics|url=https://kse.ua/about-the-school/news/2016-02-26-djankov-visit-follow-up/|access-date=2023-03-14}}

"The one reform that is the most difficult to figure out how to do in Ukraine, is reducing the role of the oligarchs. Even after 25 of transition in a number of countries, including Russia and Ukraine, the oligarchs still control not just business life but also public life, which prevented major political and economic changes."

Dyankov has worked for the World Bank since 1995, initially focusing on privatization and enterprise restructuring.[https://www.aeaweb.org/articles?id=10.1257/002205102760273788 "Enterprise Restructuring in Transition: A Quantitative Survey"], Journal of Economic Literature. Published 4 September 2002. In 1997, he participated in a World Bank enterprise restructuring project in Georgia. For his work in the transformation of the Georgian economy, he was awarded an honorary doctorate from the Free University of Tbilisi in June 2021.[http://freeuni.edu.ge/ge/node/2953 "Dr Simeon Djankov Awarded Doctoris Honoris Causa"], Free University of Tbilisi, June 3, 2021 Dyankov also led World Bank projects on state-owned enterprise restructuring in Moldova.[https://www.semanticscholar.org/paper/On-the-Determinants-of-Enterprise-Adjustment%3A-from-Djankov/8f1d670067628b857f67c878011718f8448ad114 "On the Determinants of Enterprise Adjustment: Evidence from Moldova"], Journal of Transition Economics. Published 28 November 1997. This work restarted after Russia's invasion of Ukraine, under the aegis of the European Commission, with a state-owned enterprise strategy published in February 2023.[https://www.legis.md/cautare/getResults?doc_id=135610&lang=ro "State-Owned Enterprise Strategy 2023–2030"], Official Gazette Monitorul Oficial Nr. 49-52 art. 88, (in Romanian). Published 17 February 2023. Dyankov led two World Bank projects in Ukraine and continues to be involved in proposals on financing the post-war recovery. These proposals involve large amounts of aid from Western donors as well as reparations by Russia. The priorities uniformly focus on rebuilding human capital and infrastructure.[https://cepr.org/voxeu/columns/cost-kakhovka-dam-destruction "The cost of the Kakhovka Dam destruction"], CEPR London, July 10, 2023

Dyankov participated in several World Bank financial sector restructuring projects during the 1997 Asian financial crisis.[https://books.google.com/books/about/Resolution_of_Financial_Distress.html?id=MHOsau7vCMUC "Resolution of Financial Distress"], World Bank Institute Book Series. Published 1 January 2001. Based on these projects, he published a series of articles on corporate governance in East Asia with Stijn Claessens.[https://scholar.google.com/citations?view_op=view_citation&hl=en&user=rx3Gb1wAAAAJ&citation_for_view=rx3Gb1wAAAAJ:BAanoTsO0WEC "The separation of ownership and control in East Asian corporations"], Journal of Financial Economics. Published 15 September 2001.[https://scholar.google.com/citations?view_op=view_citation&hl=en&user=rx3Gb1wAAAAJ&citation_for_view=rx3Gb1wAAAAJ:u-x6o8ySG0sC " Disentangling the incentive and entrenchment effects of large shareholdings "], Journal of Finance. Published 7 December 2002.

World Development Report 2002 analyzed how to build effective institutions. The study was guided by Joseph Stiglitz, with Simeon Djankov as a principal author. Several background papers, including by Nobel Prize winners Robert Shiller, Amartya Sen and Gabriel García Márquez, were published in academic journals or books.Djankov, Simeon, et al., "Courts", Quarterly Journal of Economics, 2003, 118 (2): 453–517.I
– Djankov, Simeon, et al., "Regulation of Labor", Quarterly Journal of Economics, 2004, 119 (4): 1339–1382
– Djankov, Simeon, et al., "Debt Enforcement Around the World", Journal of Political Economy, 2008, 116 (6): 1105–1150.
– Djankov, Simeon, Caralee McLiesh, Tatiana Nenova and Andrei Shleifer, 2003. [https://scholar.harvard.edu/shleifer/publications/who-owns-media "Who Owns the Media?"], Journal of Law and Economics, 46 (2): 341–381.
– World Bank, [https://openknowledge.worldbank.org/handle/10986/15212?show=full "The Right to Tell: The Role of Mass Media in Economic Development"], June 2002

The World Development Report 2019 was led by Djankov and Federica Saliola.[https://www.worldbank.org/en/publication/wdr2019/brief/world-development-report-2019-team-members "World Development Report 2019 Team"], World Bank. Retrieved February 2, 2023. A summary of the main arguments and data is provided in the Journal of International Affairs.{{jstor|26588343}} "The Changing Nature of Work"], Journal of International Affairs. Retrieved February 2, 2023. Fears that robots will take jobs from people have dominated the discussion over the future of work, but the World Development Report 2019 finds that on balance this appears to be unfounded.

Dyankov 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 Dyankov's experience in overly-regulated socialist economies. In a 2016 article for the Journal of Economic Perspectives, Dyankov explains how Doing Business started and lists academic papers that serve as background research for the report.Djankov, Simeon, et al., "Courts", Quarterly Journal of Economics, 2003, 118 (2): 453–517.I
– Djankov, Simeon, et al., "Regulation of Labor", Quarterly Journal of Economics, 2004, 119 (4): 1339–1382
– Djankov, Simeon, et al., "Debt Enforcement Around the World", Journal of Political Economy, 2008, 116 (6): 1105–1150.
– Djankov, Simeon, et al., "Private Credit in 129 Countries", Journal of Financial Economics, 2007, 12 (2): 77–99.
– Djankov, Simeon, et al., "The Effect of Corporate Taxes on Investment and Entrepreneurship", American Economic Journal: Macroeconomics, 2010, 2 (3): 31–64.
– Djankov, Simeon, et al., "Property Rights and Urban Form", The Journal of Law and Economics, 2022, 65 (S1).
– Djankov, Simeon, et al., "Public Procurement in Law and Practice", American Economic Review, 2022, 112(4): 1091–1117.

The report has its origins in a 2002 paper published in the Quarterly Journal of Economics under the title [https://scholar.harvard.edu/shleifer/publications/regulation-entry "The Regulation of Entry"]. The study presents data on the regulation of entry of start-up firms in 85 countries covering the number of procedures, official time and official cost that a start-up must bear before it can operate legally. The main findings of the paper are that: "Countries with heavier regulation of entry have higher corruption and larger unofficial economies, but no better quality of public or private goods. Countries with more democratic and limited governments have lighter regulation of entry." The paper became widely known, with over five thousand academic references, because it provides quantitative evidence that entry regulation benefits politicians and bureaucrats without adding value to the private sector or granting any additional protection.Djankov, Simeon, et al., "The Regulation of Entry", The Quarterly Journal of Economics, Vol.CXVII February 2002, Issue I[https://scholar.google.com/citations?view_op=view_citation&hl=en&user=rx3Gb1wAAAAJ&citation_for_view=rx3Gb1wAAAAJ:zfsRRabFVBUC Citations of "The Regulation of Entry"], accessed February 7, 2023

The reports were discontinued following the release of an independent audit of the data irregularities. The audit documented how Dyankov, along with the World Bank CEO Georgieva, pressured staff to manipulate the results, in particular making data for China and Saudi Arabia look better.{{Cite web|date=2021-09-17|title=IMF chief called out over pressure to favor China while at World Bank|url=https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/|access-date=2021-09-19|website=Reuters}}
– {{Cite press release|title=World Bank Group to Discontinue Doing Business Report |url=https://www.worldbank.org/en/news/statement/2021/09/16/world-bank-group-to-discontinue-doing-business-report|access-date=2021-09-16|publisher=World Bank}}
– {{Cite news|last=Zumbrun|first=Josh|date=2021-09-16|title=World Bank Cancels Flagship 'Doing Business' Report After Investigation|work=Wall Street Journal|url=https://www.wsj.com/articles/world-bank-cancels-flagship-doing-business-report-after-investigation-11631811663|access-date=2021-09-16|issn=0099-9660}}
– {{Cite web|last1=Machen|first1=Ronald|last2=Jones|first2=Matthew|last3=Varghese|first3=George|last4=Stark|first4=Emily|date=15 September 2021|title=Investigation of Data Irregularities in Doing Business 2018 and Doing Business 2020|url=https://thedocs.worldbank.org/en/doc/84a922cc9273b7b120d49ad3b9e9d3f9-0090012021/original/DB-Investigation-Findings-and-Report-to-the-Board-of-Executive-Directors-September-15-2021.pdf |publisher=WB}} The board of the IMF, after a separate review, found that Georgieva had not "played an improper role". Georgieva is managing director of the IMF.{{Cite web|url=https://www.imf.org/en/News/Articles/2021/10/12/pr21297-statement-by-imf-exec-board-on-its-review-on-investigation-of-wb-doing-business-2018-report|title=Statement by the IMF Executive Board on Its Review on the Investigation of the World Bank's Doing Business 2018 Report}}
– {{Cite web|url=https://www.cnbc.com/2021/10/12/imf-expresses-full-confidence-in-the-leadership-of-kristalina-georgieva.html|title=IMF expresses 'full confidence' in the leadership of Kristalina Georgieva|website=CNBC|date=October 12, 2021}}
– {{Cite news|url=https://www.reuters.com/business/imf-board-resume-debate-over-georgievas-future-later-monday-2021-10-11/#:~:text=WASHINGTON%2C%20Oct%2011%20(Reuters),alter%20data%20to%20favor%20China.|title = IMF board backs Georgieva after review of data-rigging claims|newspaper = Reuters|date = October 12, 2021|last1 = Shalal|first1 = Andrea|last2 = Lawder|first2 = David}}

An improved Doing Business analysis is proposed in Fraser Institute's 2022 Economic Freedom of the World report. This analysis outlines the start of a new report, to be housed at a top research institution.{{Cite journal |date=2023-01-19 |title=Antigua Forum 2023 Project Summaries |url=https://ws.ufm.edu/antiguaforum2023/AF23-Project-Summaries.pdf |journal=Antigua Forum}}

In October 2023, The Economist summarized the impact of the project, tracing its origins back to Austrian economist Friedrich Hayek. Both Hayek and the Doing Business authors over-promised on the effects of regulatory reform.{{Cite news|date=2023-10-19|title=How free-market economics reshaped legal systems the world over|url=https://www.economist.com/finance-and-economics/2023/10/19/how-free-market-economics-reshaped-legal-systems-the-world-over|access-date=2023-12-17|newspaper=The Economist|language=en}}

The World Bank's annual study, Women Business and the Law, was inspired by the book Women and the Law. The study is based on methodology described in Djankov, Pinelopi Koujianou Goldberg and Marie Hyland in Gendered Laws and Women in the Workforce.Djankov, Simeon; Goldberg, Pinelopi Koujianou; Hyland, Marie, "Gendered Laws and Women in the Workforce", American Economic Review Insights, 2020, 2(4): 475–90.
– Djankov, Simeon; Goldberg, Pinelopi Koujianou; Hyland, Marie, [https://www.piie.com/publications/working-papers/do-gendered-laws-matter-womens-economic-empowerment "Do gendered laws matter for women's economic empowerment?"], Peterson Institute for International Economics, March 2021, Working Papers 21-5.
– John Templeton Foundation, [https://www.templeton.org/grant/womens-empowerment-economic-freedom-and-the-role-of-law-in-driving-prosperity "Women's Empowerment, Economic Freedom and the Role Of Law In Driving Prosperity"], August 2022. August 2022 – February 2025 Grant Window. The study extends to country reform cases, for example in Burundi,Ranjana Sinha and Simeon Djankov, [https://www.fmg.ac.uk/publications/discussion-papers/halting-gender-reforms-burundi "The Halting Gender Reforms in Burundi"], London School of Economics, May 24, 2023, Discussion Papers 875. Rwanda,Ranjana Sinha and Simeon Djankov, [https://www.fmg.ac.uk/publications/discussion-papers/gender-reform-rwanda-change-spurred-tragedy "Gender Reform in Rwanda: Change Spurred by Tragedy"], London School of Economics, March 2023, Discussion Papers 863. ZambiaMeng Su and Simeon Djankov, [https://www.fmg.ac.uk/publications/discussion-papers/gender-legal-reforms-zambia-motivated-international-conventions "Gender Legal Reforms in Zambia: Motivated by International Conventions"], London School of Economics, April 2023, Discussion Papers 871. and Zimbabwe,Ranjana Sinha and Simeon Djankov, [https://www.fmg.ac.uk/publications/discussion-papers/gender-legal-reform-zimbabwe-wanting "Gender Legal Reform in Zimbabwe: Wanting"], London School of Economics, April 25, 2023, Discussion Papers 874. all countries where customary law prevails.Simeon Djankov, [https://cepr.org/voxeu/columns/gap-between-law-and-practice-gender-rights "The gap between law and practice in gender rights"], Center for Economic and Policy Research, June 8, 2023, Column on Gender.

The Human Capital Index is an annual measurement prepared by the World Bank.{{cite web |last=Gatti |first=Roberta |author-link=Roberta Gatti |date=2022-10-15 |title=Human Capital Project |url=https://www.worldbank.org/en/publication/human-capital |publisher=World Bank}} The applications to measuring human capital are developed by Noam Angrist, Simeon Djankov, Pinelopi Koujianou Goldberg and Harry Patrinos in the scientific journal Nature.{{Cite journal|title=Measuring human capital using global learning data|last=Angrist|first=Noam|journal=Nature |date=2021-03-10|volume=592 |issue=7854 |pages=403–408 |doi=10.1038/s41586-021-03323-7 |pmid=33692542 |pmc=8046667 |url=https://doi.org/10.1038/s41586-021-03323-7 }} These findings are extended in a 2021 article.{{cite web|title=Measuring human capital: Learning matters more than schooling|url=https://voxeu.org/article/measuring-human-capital-learning-matters-more-schooling|work= CEPR |first1= Noam |last1= Angrist|first2= Simeon |last2= Djankov|first3= Pinelopi |last3= Goldberg|first4= Harry |last4= Patrinos |date=2021-04-09}} The index is used in country studies of employment and wages, for example in Ukraine after Russia's invasion.{{cite web|title=Ukraine's wages and job loss trends during the war|url=https://cepr.org/voxeu/columns/ukraines-wages-and-job-loss-trends-during-war|work= CEPR |first1= Oleksiy |last1= Blinov|first2= Simeon |last2= Djankov |date=2022-11-17}}

Dyankov has been both deputy prime minister and minister of finance of Bulgaria.[https://www.minfin.bg/en/527 "Simeon Djankov Appointed Deputy Prime Minister"], Ministry of Finance, July 13, 2009.

File:Хилари Клинтън в София по покана на министър Николай Младенов (6834697597).jpg (center left) in Sofia in 2012, with Simeon Djankov (first on the right)]] In February 2025 he was nominated to chair the Fiscal Council, responsible for the stability of public finances in Bulgaria.[https://www.bta.bg/en/news/bulgaria/837997-parliament-nominates-members-of-fiscal-council-gerb-udf-nominate-simeon-djankov "Parliament Nominates Members of Fiscal Council, GERB-UDF Propose Simeon Djankov for Chair"], BTA Press Agency, February 21, 2025

On July 27, 2009, Dyankov became minister of finance of Bulgaria. He reduced budget spending and managed to cut the budget deficit for 2009 to 4.4%. In 2010, Bulgaria met the Maastricht criteria – 3%, falling to 2% in 2011 and 0.45% in 2012.[https://blogs.wsj.com/emergingeurope/2010/01/12/crime-crackdown-boosts-budget-crackdown-in-bulgaria/?KEYWORDS=simeon+djankov "Crime Crackdown Boosts Budget Crackdown in Bulgaria"], The Wall Street Journal, January 12, 2010 On December 1, 2009, Standard and Poors upgraded Bulgaria's investment outlook from "negative" to "stable", the only country in the European Union to receive an upgrade that year.{{Cite web|url=https://www.novinite.com/articles/110627/Standard+%26+Poor%27s+Upgrades+Bulgaria%27s+Outlook+to+Stable|title=Standard & Poor's Upgrades Bulgaria's Outlook to Stable – |website=Novinite |agency=Sofia News Agency}}

On numerous occasions as minister, Dyankov stated that two successive terms were needed to complete the reforms that would lead Bulgaria from poorest to middle-income country by Central European standards.[http://www.novinite.com/view_news.php?id=111808 "Bulgaria Ruling Party GERB Eyes Second Term, Clear Majority"], Novinite, January 10, 2010 Soon after, Parliament adopted the so-called "Golden Rules" in the organic budget law: the government cannot surpass a deficit of 2% of GDP and a debt-to-GDP ratio of 40% in any given year. Dyankov was a member of the GERB cabinet, but not a party member.[http://www.novinite.com/view_news.php?id=115815 "Bulgaria Finance Minister Rejects Presidential Bid Rumors"], Novinite, May 2, 2010

At the second GERB party congress, Dyankov urged delegates to lead such policies that the party would win a second term with full majority in parliament. This was needed, he said, to complete the reforms that would lead Bulgaria from poorest to middle-income country by Central European standards. Soon after, Parliament adopted the so-called Golden Rules in the organic budget law: the government cannot surpass a deficit of 2% of GDP and a debt-to-GDP ratio of 40% in any given year. Dyankov believes in his role as an expert rather than a politician and even though he is a member of the GERB cabinet, he is not a member of the GERB party.

In February 2013, Dyankov resigned in protest of the decision by the prime minister, Boyko Borisov, to advance subsidies to farmers.[https://www.wsj.com/articles/SB10001424127887323495104578311883315898740?KEYWORDS=djankov "Protests Pressure Bulgarian Government"], The Wall Street Journal, February 19, 2013 On February 20, 2013, Borisov announced the resignation of the government due to increasing levels of violence in the protests about high electricity prices.[https://www.wsj.com/articles/SB10001424127887323549204578315393360867474?KEYWORDS=borisov "Bulgaria Government Quits"], The Wall Street Journal, February 20, 2013
– [https://www.nytimes.com/2013/02/21/world/europe/bulgarian-government-is-reported-set-to-resign.html?_r=0 "After Bulgarian Protests, Prime Minister Resigns"], The New York Times February 20, 2013 Dyankov continued as finance minister until a caretaker government was formed a month later.{{Cite web|url=https://manager.bg/%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8/simeon-dankov-kategorichno-nama-da-sme-vlezli-v-evrozonata-do-1-anuari-2025-g-|title=Симеон Дянков: Категорично няма да успеем за еврозоната до 1 януари 2025 г.|website=Manager |agency=Manager.bg}}

Parliament elected Simeon Djankov to chair the Fiscal Council on March 27, 2025. He was nominated by the GERB-UDF parliamentary group and elected in a 118-17 vote, with 12 abstentions. The MPs also approved four other members of the Council: Lyubomir Datsov, nominated by GERB-UDF, Desislava Kalcheva (GERB-UDF), Bogomil Manov (nominated by BSP-United Left) and Atanas Atanassov (nominated by There Is Such a People). The candidate of the Democracy, Rights, and Freedoms, Erdoan Ahmedov, did not receive enough votes. After their election, the chair and four members of the Fiscal Council took an oath before the National Assembly. They were elected for a term of six years.{{Cite web|url=https://www.bta.bg/en/news/economy/860218-ex-finance-minister-djankov-heads-fiscal-council|title=Ex-Finance Minister Djankov Heads Fiscal Council|publisher=Bulgarian Telegraph Agency|date=2025-03-27}}

Dyankov was a proponent of the flat tax, introduced in Bulgaria in 2009 and expanded to dividend tax in 2010–2011 during his term in office.Ivan Miklos,[https://www.piie.com/bookstore/great-rebirth-lessons-victory-capitalism-over-communism "Slovakia: The Latecomer That Caught Up"], PIIE, November 12, 2014. Bulgaria is the only country with a ten percent rate on personal, corporate and dividend taxes.Simeon Djankov, [https://cepr.org/voxeu/columns/flat-tax-reform-ukraine-lessons-bulgaria "Flat Tax Reform in Ukraine: Lessons from Bulgaria"], CEPR, December 13, 2022.
– Simeon Djankov, Tim Ganser, Caralee McLiesh, Rita Ramalho and Andrei Shleifer, [https://www.aeaweb.org/articles?id=10.1257/mac.2.3.31 "The Effect of Corporate Taxes on Investment and Entrepreneurship"], American Economic Journal: Macroeconomics, 2 (3): 31–64, 9 July 2010. In 2022–2023, Dyankov assisted parliamentarians in Ukraine in developing a flat-tax proposal.Maryan Zablotskyy and Simeon Djankov, [https://cepr.org/voxeu/columns/towards-new-tax-system-ukraine "Towards a new tax system in Ukraine"], CEPR, April 6, 2023.

On two occasions during Simeon Djankov's term in office, in 2010 and 2013, Bulgaria attempted to enter the European Exchange Rate Mechanism, the precursor to the Eurozone.{{cite web|url= https://www.novinite.com/articles/161834/Bulgaria+%27Missed+Chance+for+Eurozone%27+%E2%80%93+Former+FinMin+Simeon+Djankov|title= Bulgaria 'Missed Chance for Eurozone' – Former FinMin Simeon Djankov|publisher= Novinite|date= July 4, 2014|access-date= October 6, 2023}} In both cases the European debt crisis prevented such entry, first due to the crisis in Greece and later in Portugal.{{cite web|url= https://www.piie.com/bookstore/inside-euro-crisis-eyewitness-account|title= Inside the Euro Crisis: An Eyewitness Account|publisher= Peterson Institute for International Economics (PIIE)|date=10 June 2014 | access-date=22 February 2023}} The attempts at joining the Eurozone elicited strikes in early 2013 and demands for Djankov's dismissal. {{cite web|url= https://www.piie.com/bookstore/great-rebirth-lessons-victory-capitalism-over-communism|title= The Great Rebirth: Lessons from the Victory of Capitalism over Communism|publisher= Peterson Institute for International Economics (PIIE)|date=13 November 2014 | access-date=22 February 2023}} This experience is analyzed in a 2016 book, co-authored with Anders Aslund.{{cite web|url= https://global.oup.com/academic/product/europes-growth-challenge-9780190499204?cc=us&lang=en&|title= Europe's Growth Challenge|publisher= Oxford University Press|date=11 May 2016 | access-date=27 February 2023}}

File:Simeon Dyankov Satanah.jpg is Satan"]]

Bulgaria's entry into the European Exchange Rate Mechanism finally took place in 2020, while entry into the Eurozone has been postponed till 2025 at the earliest.{{cite web|url= https://www.euractiv.com/section/economy-jobs/news/bulgaria-gives-up-its-goal-to-join-eurozone-in-2024/|title= Bulgaria gives up its goal to join eurozone in 2024|publisher= Euractiv.com|date=17 February 2023 | access-date=22 February 2023}} Dyankov has proposed policies for inflation-abatement in order to meet the Euro convergence criteria,{{cite web|url= https://trud.bg/%D1%81%D0%B8%D0%BC%D0%B5%D0%BE%D0%BD-%D0%B4%D1%8F%D0%BD%D0%BA%D0%BE%D0%B2-%D0%B1%D0%B8%D0%B2%D1%88-%D0%BC%D0%B8%D0%BD%D0%B8%D1%81%D1%82%D1%8A%D1%80-%D0%BD%D0%B0-%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%82%D0%B5-%D0%BF%D1%80%D0%B5%D0%B4-%D1%82%D1%80%D1%83%D0%B4-news-%D0%B1%D0%B5%D0%B7-%D1%80%D0%B5%D0%B4%D0%BE%D0%B2%D0%BD%D0%BE-%D0%BF%D1%80%D0%B0%D0%B2%D0%B8%D1%82%D0%B5%D0%BB%D1%81%D1%82%D0%B2%D0%BE-%D0%BD%D1%8F%D0%BC%D0%B0-%D1%88%D0%B5%D0%BD%D0%B3/|title= The Eurozone Remains a Mirage without Measures to Cut Inflation (in Bulgarian)|publisher= Trud.com|date=28 February 2023 | access-date=1 March 2023}} including ways to abate inflation{{cite web|url= https://telegraph.bg/obshtestvo/novini/bivshiiat-ministyr-na-finansite-simeon-diankov-pred-telegraf-vdiganeto-na-danyci-e-neizbezhno-naj-lesno-se-kachva-dds-drugite-nalozi-se-zaobikaliat-409354|title= Бившият министър на финансите Симеон Дянков пред "Телеграф": Вдигането на данъци е неизбежно!|publisher= Telegraph|date= March 28, 2024|access-date= March 28, 2024}} and reduce the budget deficit.{{cite web|url= https://www.mediapool.bg/simeon-dyankov-hristo-ivanov-e-klyuchovata-figura-za-uspeha-na-kabineta-news348336.html|title= Симеон Дянков: Христо Иванов е ключовата фигура за успеха на кабинета|publisher= Mediapool.bg|date=5 June 2023|access-date=15 June 2023}}{{cite web|url=https://bnt.bg/news/simeon-dyankov-pravitelstvoto-postigna-normalnost-v-balgarskata-politika-v359668-325296news.html|title= Симеон Дянков: Правителството постигна нормалност в българската политика|publisher= Bulgarian National Television|date=27 January 2024|access-date=30 January 2024}}

Dyankov is a strident critic of the use of Russian nuclear technology in Bulgaria and while in government in 2012, along with Minister of Energy Delyan Dobrev, adopted a ban on such technology, including the termination of the Belene Nuclear Power Plant.{{cite web|url=https://www.investor.bg/a/332-ikonomika-i-politika/225550-dyankov-proektat-belene-tryabvashe-da-bade-prekraten-po-rano|title=Дянков: Проектът 'Белене' трябваше да бъде прекратен по-рано |publisher=Investor.bg|date=1 October 2016|accessdate=5 July 2023|lang=bg}} Prime Minister Boyko Borisov listed this ban among the main successes of his first government.{{cite web|url=https://www.mediapool.bg/borisov-pak-omagli-sadbata-na-aets-belene-news190729.html|title=Борисов пак омъгли съдбата на АЕЦ 'Белене'|publisher=Mediapool|date=16 March 2012|accessdate=5 July 2023|lang=bg}} In July 2023, his party GERB initiated a sale of the unused Russian nuclear equipment to Ukraine, through a resolution in parliament.{{cite web|url=https://www.wsj.com/articles/ukraine-nears-nuclear-deal-with-bulgaria-in-fresh-blow-for-russian-influence-e9c083ab|title=Ukraine Nears Nuclear Deal With Bulgaria in Fresh Blow for Russian Influence|publisher=Wall Street Journal|date=6 July 2023|accessdate=6 July 2023|lang=en}}

While in government, Dyankov held negotiations with Russia's nuclear technology producer Rosatom and memorably said:{{cite web|url=https://www.segabg.com/category-observer/pak-shte-plyaskame-rusnacite|title=Пак ще пляскаме руснаците|publisher=Sega|date=29 January 2022|accessdate=8 July 2023|lang=bg}}

"We have shown that we are not afraid of either Russia or Russian energy giants. If it need be, we will spank them."

As finance minister, Dyankov started a program for financing archeological work around the Black Sea, along the ancient Roman Via Pontica.{{cite web|url=https://www.novinite.com/articles/140866/Bulgarian+Cabinet+Funds+Latest+Archeology+Finds|title= Bulgarian Cabinet Funds Latest Archeology Finds|publisher= Novinite Press|date=2 July 2012 | access-date=14 April 2023}} The program came out of an archeological discovery in Sozopol of what is believed to be the relics of John the Baptist. Dyankov was among the first to see the relics.{{cite web|url=https://www.novinite.com/articles/119082/Bulgarian+Finance+Minister+%27Finds%27+Money+for+Archeology+Digs|title= Bulgarian Finance Minister 'Finds' Money for Archeology Digs|publisher= Novinite Press|date=10 August 2010| access-date=14 April 2023}} These archeological finds were developed to attract tourists.{{cite web|url=https://www.wsj.com/articles/SB10001424052748704216804575423673016971944|title= Bulgaria Looks to John the Baptist to Resurrect Flagging Economy|publisher= Wall Street Journal|date=13 August 2010| access-date=15 April 2023}}

Dyankov's great-great-grandfather was one of the founders of Bulgaria's parliament after the liberation from the Ottoman empire.{{cite web|url=https://petel.bg/m/2092|title= Михо Минков Гълъбов – възрожденец от Троянско и депутат в Учредителното събрание|publisher= Petel|date=26 April 2012|language=bg| access-date=2 July 2023}} He was a close associate of Vasil Levski in organizing the April Uprising of 1876.{{cite web|url=https://archive.ekip7.bg/index.php?option=com_content&task=view&id=5782|title= Чорбаджи Михо Минков Гълъбов /Гълъба/ – депутат в Учредителното събрание|publisher= Ekip 7|date=21 June 2010|language=bg| access-date=2 July 2023}} He served in the first four parliaments from 1879 to 1886, representing Sevlievo region.{{cite web|url=https://trud.bg/amp/%D0%B8%D1%81%D1%82%D0%BE%D1%80%D0%B8%D1%8F-%D0%BD%D0%B0-%D0%B4%D0%B5%D0%BF%D1%83%D1%82%D0%B0%D1%82%D1%81%D0%BA%D0%BE%D1%82%D0%BE-%D0%BA%D1%8E%D1%84%D1%82%D0%B5/|title= История на депутатското кюфте|publisher= Trud|date=17 August 2018|language=bg| access-date=2 July 2023}}

• {{Cite journal|last1=Hoekman|first1=Bernard|last2=Djankov|first2=Simeon|date=1996|title=The European Union's Mediterranean Free Trade Initiative|url=https://ideas.repec.org/a/bla/worlde/v19y1996i4p387-405.html|journal=The World Economy|volume=19|issue=4|pages=387–405|doi=10.1111/j.1467-9701.1996.tb00686.x|s2cid=15198895}}
• Hoekman, Bernard, and Djankov, Simeon (1997), "Determinants of the Export Structure of Countries in Central and Eastern Europe", World Bank Economic Review, 11, 3: 471–487.
• {{cite journal |last1=Djankov |first1=Simeon |last2=Hoekman |first2=Bernard |title=Conditions of Competition and Multilateral Surveillance |journal=The World Economy |date=November 1998 |volume=21 |issue=8 |pages=1109–1128 |doi=10.1111/1467-9701.00184 }}
• {{Cite book|last1=Claessens|first1=Stijn|title=Resolution of Financial Distress: An International Perspective on the Design of Bankruptcy Laws|last2=Djankov|first2=Simeon |last3=Mody|first3=Ashoka|year=2001|publisher=World Bank Publications|isbn=978-0-8213-4906-9}}
• {{Cite journal|last1=Djankov|first1=Simeon|last2=Miguel|first2=Edward|last3=Qian|first3=Yingyi|last4=Roland|first4=Gérard |last5=Zhuravskaya |first5=Ekaterina|date=2005-05-01|title=Who Are Russia'S Entrepreneurs?|journal=Journal of the European Economic Association |volume=3|issue=2–3|pages=587–597|doi=10.1162/jeea.2005.3.2-3.587|issn=1542-4766|url=https://www.nes.ru/files/Preprints-resh/entJEEA05-wp.pdf}}
• {{Cite journal|last1=Djankov|first1=Simeon|last2=Qian|first2=Yingyi|last3=Roland|first3=Gérard|last4=Zhuravskaya|first4=Ekaterina|date=2006-05-01|title=Entrepreneurship in China and Russia Compared|journal=Journal of the European Economic Association|volume=4|issue=2–3|pages=352–365 |doi=10.1162/jeea.2006.4.2-3.352|s2cid=153450128|issn=1542-4766 |url=https://www.nes.ru/files/Preprints-resh/entJEEA06-wp.pdf}}
• {{Cite journal|last1=Djankov|first1=Simeon|last2=Ganser|first2=Tim|last3=McLiesh|first3=Caralee|last4=Ramalho|first4=Rita|last5=Shleifer|first5=Andrei|date=2010|title=The Effect of Corporate Taxes on Investment and Entrepreneurship|journal=American Economic Journal: Macroeconomics |volume=2|issue=3|pages=31–64 |doi=10.1257/mac.2.3.31|s2cid=8461632|url=http://www.nber.org/papers/w13756.pdf}}
• {{Cite book|title=The great rebirth : lessons from the victory of capitalism over communism|date=2014|author1=Anders Åslund |author2=Simeon Djankov |isbn=978-0-88132-698-7 |location=Washington, District of Columbia|oclc=896853258}}
• {{Cite journal|last1=Djankov|first1=Simeon|last2=Nikolova|first2=Elena|last3=Zilinsky|first3=Jan|date=2016|title=The happiness gap in Eastern Europe|journal=Journal of Comparative Economics|volume=44|issue=1|pages=108–124|doi=10.1016/j.jce.2015.10.006|url=https://osf.io/et7vz/}}
• {{Cite journal|last1=Hyland|first1=Marie|last2=Djankov|first2=Simeon|last3=Goldberg|first3=Pinelopi Koujianou|date=2020|title=Gendered Laws and Women in the Workforce|journal=American Economic Review: Insights|volume=2|issue=4|pages=475–490|doi=10.1257/aeri.20190542|doi-access=free}}
• {{Cite journal|last1=Angrist|first1=Noam|last2=Djankov|first2=Simeon|last3=Goldberg|first3=Pinelopi K.|last4=Patrinos|first4=Harry A.|date=2021-04-15|title=Measuring human capital using global learning data|journal=Nature|volume=592|issue=7854|pages=403–408|doi=10.1038/s41586-021-03323-7 |issn=0028-0836 |pmc=8046667 |pmid=33692542 |bibcode=2021Natur.592..403A}}

{{Reflist}}

{{commons category|Simeon Djankov}}

• [https://web.archive.org/web/20100911141624/http://www.government.bg/cgi-bin/e-cms/vis/vis.pl?s=001&p=0232&n=3&g= Deputy Prime Minister of Bulgaria]
• [http://www.minfin.bg/en/page/415 Ministry of Finance, Bulgaria] {{Webarchive|url=https://web.archive.org/web/20120111120623/http://www.minfin.bg/en/page/415 |date=January 11, 2012 }}
• {{Google Scholar id}}

{{Borisov Cabinet}}

{{Authority control}}

{{DEFAULTSORT:Dyankov, Simeon}}

Category:Deputy prime ministers of Bulgaria

Category:Finance ministers of Bulgaria

Category:Bulgarian economists

Category:Bulgarian conservatives

Category:1970 births

Category:Living people

Category:People from Lovech

Category:University of Michigan alumni

Category:Bulgarian emigrants to the United States

Category:Peterson Institute for International Economics

Category:Harvard Kennedy School faculty