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The Financial system in the Bulgarian economy

Author

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  • Miller, Jeffrey
  • Petranov, Stefan

Abstract

The study chronicles the changes that took place in the Bulgarian financial system during and following the crisis in 1996 and 1997. The sections on the Bulgarian National Bank and the money supply reflect the changes brought about by the establishment of the currency board. Separate sections are included on nonbank financial institutions and the currency board. A discussion of the impact on the financial system of efforts to join the European Union is included as well.

Suggested Citation

  • Miller, Jeffrey & Petranov, Stefan, 2001. "The Financial system in the Bulgarian economy," MPRA Paper 107704, University Library of Munich, Germany, revised Oct 2001.
    • Handle: RePEc:pra:mprapa:107704
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    File URL: https://mpra.ub.uni-muenchen.de/107704/1/MPRA_paper_107704.pdf
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    References listed on IDEAS

    as
    1. Mr. Atish R. Ghosh, 1998. "Currency Boards: The Ultimate Fix?," IMF Working Papers 1998/008, International Monetary Fund.
    2. Marie Lavigne, 1998. "Conditions for accession to the EU," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 40(3), pages 38-57, September.
    3. Laffont, Jean-Jacques & Tirole, Jean, 1991. "Privatization and Incentives," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(0), pages 84-105, Special I.
    4. Liviatan, N., 1993. "Proceedings of a Conference on Currency Substitution and currency Boards," World Bank - Discussion Papers 207, World Bank.
    5. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
    6. Miller, Jeffrey & Petranov, Stefan, 2000. "Non-banking financial institutions in Bulgaria," MPRA Paper 85137, University Library of Munich, Germany.
    7. Garabed Minassian, 1998. "The road to economic disaster in Bulgaria," Europe-Asia Studies, Taylor & Francis Journals, vol. 50(2), pages 331-349.
    8. Jean Tirole, 1991. "Privatization in Eastern Europe: Incentives and the Economics of Transition," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 221-268, National Bureau of Economic Research, Inc.
    9. Rumen Dobrinsky, 2000. "Fiscal Policy Under a Currency Board Arrangement: Bulgaria's Post-crisis Policy Dilemmas," wiiw Research Reports 265, The Vienna Institute for International Economic Studies, wiiw.
    10. Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, vol. 7(1), pages 625-650, March.
    11. Ms. Anne Marie Gulde & Mr. Charles Enoch, 1997. "Making a Currency Board Operational," IMF Policy Discussion Papers 1997/010, International Monetary Fund.
    12. Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 43(1), pages 53-74, April.
    13. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa40, October.
    14. Jeffrey B. Miller & Stefan Petranov, 2000. "The First Wave of Mass Privatization in Bulgaria and its Immediate Aftermath," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 225-250, March.
    15. Schwartz, Anna J., 1993. "Currency boards: their past, present, and possible future role," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 147-187, December.
    16. Clarke, George R. G. & Cull, Robert & D'Amato, Laura & Molinari, Andrea, 1999. "The effect of foreign entry on Argentina's domestic banking sector," Policy Research Working Paper Series 2158, The World Bank.
    17. Jeffrey B. Miller, 1995. "Industrial planning and the transition to a market economy," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(3), pages 289-299, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Nikolay Nenovsky & E. Peev & T. Yalamov, 2003. "Banks-Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria," Post-Print halshs-00259830, HAL.
    2. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance 0405016, University Library of Munich, Germany.
    3. Nikolay Nenovsky & Petar Chobanov & Gergana Mihaylova & Darina Koleva, 2008. "Efficiency of the Bulgarian Banking System: Traditional Approach and Data Envelopment Analysis," Working paper series 12008en, Agency for Economic Analysis and Forecasting.
    4. Nikolay Nenovsky, 2010. "The Bulgarian Economic Thought since 1989: A Personal View," ICER Working Papers 21-2010, ICER - International Centre for Economic Research.
    5. Nikolay Nenovsky & Gergana Mihaylova, 2007. "Dynamics of the Financial Wealth of the Institutional Sectors in Bulgaria for the Period 1990 – 2005," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 72-92.
    6. Größl, Ingrid, 2005. "The interplay of legal and social norms and the failure of the bank credit market in Bulgaria," ZÖSS-Discussion Papers 04, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).

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    More about this item

    Keywords

    Bulgaria; Financial System; Currency Board; Nonbank financial instititutions;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G1 - Financial Economics - - General Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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