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From transition to accession - developing stable and competitive financial markets in Bulgaria (English)

The study reviews the developments in the financial markets after 1996-97 economic, and financial collapse in Bulgaria, and aims at assessing financial restructuring, adjustment to a currency board environment, and its regulatory framework vis-�vis the European Union (EU), while identifying key, outstanding financial policy issues for consideration in meeting EU requirements. First, the country's financial sector is analyzed in the context of broader macroeconomic developments, such as inflation, output growth, and fiscal policy. Secondly, the study reviews the institutions, and rules of the banking sector, considerably strengthened, under a fairly, advanced privatization process. However, the study reveals that regardless of the fact that regulatory, and supervisory foundations are largely in place, capital markets are still inactive, and unregulated. But, the financial infrastructure continues to evolve in accordance with technological improvements, and, diversification of payment instruments is underway. Nonetheless, it is emphasized that the privatization of the financial services industry, needs to be complete, and focused on maintaining a stable financial system, recommending key measures to strengthen financial markets, while developing EU standard rules.

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Citation

Ulgenerk, Esen Zlaoui, Leila

From transition to accession - developing stable and competitive financial markets in Bulgaria (English). World Bank technical paper ; no. WTP 473. Europe and Central Asia poverty reduction and economic management series Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/541371468744249409/From-transition-to-accession-developing-stable-and-competitive-financial-markets-in-Bulgaria