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.
Details
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Author
Ulgenerk, Esen Zlaoui, Leila
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Document Date
2000/06/30
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Document Type
Publication
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Report Number
WTP473
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2010/07/01
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Doc Name
From transition to accession - developing stable and competitive financial markets in Bulgaria
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Keywords
real time gross settlement system;banking sector;bulgarian national bank;income statement;financial service;banking regulation and supervision;management of water resource;bulk water pricing;accounting and auditing standard;real gross domestic product;impact of climate change;degree of risk aversion;lender of last resort;legal and regulatory framework;foreign exchange;insurance industry;commercial bank;capital adequacy;open foreign currency;mutual insurance company;open market operation;Foreign Exchange Reserve;monetary aggregate;general insurance;life insurance;legal framework;banking crisis;stock exchange;monetary base;Financial Sector;currency board;financial market;insurance companies;banking system;debt service costs;government fiscal position;foreign exchange intervention;interest rate hike;bank of england;foreign exchange market;minimum reserve requirement;chart of account;international accounting standard;life insurance product;adequate regulatory framework;currency board arrangement;fixed exchange rate;rural transport infrastructure;runs on bank;investment holding company;defined contribution pension;capital market institution;return on asset;rural transportation infrastructure;financial sector specialist;banking sector asset;financial service industry;river basin development;capital asset management;commercial bank financing;soft budget constraint;educational classroom use;official exchange rate;private sector credit;early warning system;financial sector policy;adverse external shocks;current account deficit;mineral sector development;financial sector restructuring;credit risk assessment;competitive financial market;soil fertility management;financing of road;foreign direct investment;
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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