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Contemporary Tendencies In The Development Of The Financial Sector In Bulgaria In The Context Of The Regulative Changes In The Eu

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  • HOUBENOVA-DELISIVKOVA, Tatiana

    (Economic Research Institute of the Bulgarian Academy of Science)

Abstract

The development of the financial sector in Bulgaria in the period (2007-2014) has been influenced by the slowdown of economic growth and the transmission of the impact of the Global and European sovereign debt crisis. The contraction of credit activities of the banks as a main financial intermediary has reflected the extension of the economic stagnation and has deepened the incompatibility between the savings and reduced investments with the negative macroeconomic follow-up effects as crisis in the real sector, unemployment and the stagnation of incomes. The role of the financial sector in the Bulgarian economy remains high and the ongoing EU and especially the EMU reforms for guaranteeing better stability of the financial sector present a new set of challenges to the banks and investment intermediaries to function in favor of stimulating the economic growth. The reforms in the financial sector in the EU present a challenge and a chance for Bulgaria to adjust to the requirements for the EMU entry. The reforms undertaken in Bulgaria’s financial sector are on the agenda also with regard to the preparation to join the EMU.

Suggested Citation

  • HOUBENOVA-DELISIVKOVA, Tatiana, 2015. "Contemporary Tendencies In The Development Of The Financial Sector In Bulgaria In The Context Of The Regulative Changes In The Eu," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 2(1), pages 76-91.
    • Handle: RePEc:vls:rojfme:v:2:y:2015:i:1:p:76-91
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    References listed on IDEAS

    as
    1. Tatiana Houbenova, 2002. "The currency board regime in Bulgaria and its sustainability," Chapters, in: David G. Dickinson & Andrew W. Mullineux (ed.), Financial and Monetary Integration in the New Europe, chapter 8, Edward Elgar Publishing.
    2. International Monetary Fund & World Bank, 2015. "Bulgaria Detailed Assessment of Observance," World Bank Publications - Reports 22678, The World Bank Group.
    3. Mongelli, Francesco Paolo, 2002. "ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?," Royal Economic Society Annual Conference 2002 140, Royal Economic Society.
    4. Kozluk, Tomasz, 2005. "CEEC Accession Countries and the EMU - An Assessment of Relative and Readiness for Euro-Area Membership," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 20, pages 439-474.
    5. Zimmermann, Horst, 2015. "The deep roots of the government debt crisis," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(1), pages 41-58.
    6. Nikolay Nenovsky & Kiril Tochkov, 2014. "Transition, Integration and Catching Up: Income Convergence between Central and Eastern Europe and the European Union," Mondes en développement, De Boeck Université, vol. 0(3), pages 73-92.
    7. Nikolay Nenovsky & Kalin Hristov, 2001. "Official Eurozation of Bulgaria: Pluses and Minuses," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 64-80.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial crisis; credit crunch; banking activities; investment intermediaries; financial stability; EU reforms in the financial sector;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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