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Author: Blagoy Kitanov
Publisher: GRIN Verlag
ISBN: 3640673379
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Essay from the year 2009 in the subject Economics - Economic Cycle and Growth, grade: A, Central European University Budapest, language: English, abstract: Since the fall of communism in the end of 1989 Bulgaria has been experiencing severe economic difficulties. In 1996 the problems of the country's transition culminated in one of the most severe banking and currency crises in Eastern Europe - the Bulgarian financial crisis of 1996-1997. The main objectives of this paper are to outline the structural vulnerabilities that led to the crisis, to identify the key characteristics of the "twin" crisis and to analyze the rent-seeking nature of Bulgarian transition. I will argue that the crisis was an outcome of a moral hazard problem in the Bulgarian economic agents' behavior and the inadequate and unsustainable policies of the government in the period 1990-1997. The legacies of state-controlled economy were too slow to be overthrown and structural reforms were by and large not implemented up until 1997.
Author: Blagoy Kitanov
Publisher: GRIN Verlag
ISBN: 3640673379
Category : Business & Economics
Languages : en
Pages : 29
Get Book Here
Book Description
Essay from the year 2009 in the subject Economics - Economic Cycle and Growth, grade: A, Central European University Budapest, language: English, abstract: Since the fall of communism in the end of 1989 Bulgaria has been experiencing severe economic difficulties. In 1996 the problems of the country's transition culminated in one of the most severe banking and currency crises in Eastern Europe - the Bulgarian financial crisis of 1996-1997. The main objectives of this paper are to outline the structural vulnerabilities that led to the crisis, to identify the key characteristics of the "twin" crisis and to analyze the rent-seeking nature of Bulgarian transition. I will argue that the crisis was an outcome of a moral hazard problem in the Bulgarian economic agents' behavior and the inadequate and unsustainable policies of the government in the period 1990-1997. The legacies of state-controlled economy were too slow to be overthrown and structural reforms were by and large not implemented up until 1997.
Author: Blagoy Kitanov
Publisher: GRIN Verlag
ISBN: 3640673697
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
Essay from the year 2009 in the subject Economics - Economic Cycle and Growth, grade: A, Central European University Budapest, language: English, abstract: Since the fall of communism in the end of 1989 Bulgaria has been experiencing severe economic difficulties. In 1996 the problems of the country’s transition culminated in one of the most severe banking and currency crises in Eastern Europe – the Bulgarian financial crisis of 1996-1997. The main objectives of this paper are to outline the structural vulnerabilities that led to the crisis, to identify the key characteristics of the “twin” crisis and to analyze the rent-seeking nature of Bulgarian transition. I will argue that the crisis was an outcome of a moral hazard problem in the Bulgarian economic agents’ behavior and the inadequate and unsustainable policies of the government in the period 1990-1997. The legacies of state-controlled economy were too slow to be overthrown and structural reforms were by and large not implemented up until 1997.
Author: Stéphane Gros
Publisher:
ISBN:
Category :
Languages : fr
Pages :
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Book Description
Author: Zdravko Balyozov
Publisher:
ISBN: 9789549791174
Category :
Languages : en
Pages : 19
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Book Description
Author: Michael Berlemann
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Author: Michael Berlemann
Publisher:
ISBN:
Category :
Languages : en
Pages : 63
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Book Description
Author: Preslava Kovatchevska
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The paper examines the nature of the Bulgarian banking and currency crises in 1996-1997 and evaluates the causal link between them. The analysis shows that the banking crisis has resulted from slow structural reforms, inefficient prudential regulation and prolonged unsound lending practices. The probit model estimates illustrate that excessive credit, augmented interest rate spread and overvalued exchange rate exacerbated the banks' liquidity position. The currency crisis was a consequence of expansionary monetary policy, which led to irreversible depletion of international reserves and caused eventual collapse of the exchange rate. The probit estimations found real exchange rate, money multiplier, interest rate, current account balance, ratio of broad money to reserves and credit expansion to be the most relevant indicators of the balance-of-payment crisis. The causal link between the twin crises is explained through expansionary monetary policy that comes as a response to the banking crisis. It focuses on the inability of the central bank to sustain the exchange rate when it faces a run on its reserves.
Author: Preslava Kovačevska
Publisher:
ISBN: 9788371782152
Category :
Languages : en
Pages : 36
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Book Description
Author: Garabed Minassian
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659638022
Category :
Languages : en
Pages : 140
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Book Description
Market economic reforms in Bulgaria began with a large-scale redistribution of capital in 1991, followed by a severe banking crisis in 1996. Within 15 months the national currency depreciated 30 times and prices rose 23 times. The situation was favorable for the introduction of a currency board and Bulgarian economy began a new life. However, the accelerated economic growth concealed the accumulation of excessive risks. The 2008 crisis revealed the full extent of cumulative effects. Looking for economic and banking stability the macroeconomic management implemented countercyclical policy measures, but the low demand, poor institutional reforms and uncertainty, both economic and political, was not resolved. Studying the parameters of contemporary economic crisis in Bulgaria the authors answer the following: What are the determinants of economic crisis in a financially stable banking system? How credit institutions transferred the exogenous financial shock to the local economy? What are and how to assess the regulatory measures effectiveness? And finally, is it permissible to speak about the financial and banking stability, provided that economic activity remained unstable?
Author: R. Dobrinsky
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In 1996-97, while making its way through a difficult process of economic and political transformations, Bulgaria was hit by a severe economic crisis. This paper seeks to reveal and analyse the underlying factors and causes of this crisis. It focuses on empirical issues but also highlights some basic causalities and interrelations between economic variables during the crisis as well as the role of economic policy. The economic turmoil in Bulgaria is addressed from three different perspectives: (1) the historic roots of the crisis; (2) the actual evolution of the fiscal, banking and currency crises, and (3) the political economy of the transition in Bulgaria.
