CONTEMPORARY TENDENCIES IN THE DEVELOPMENT OF THE FINANCIAL SECTOR IN BULGARIA IN THE CONTEXT OF THE REGULATIVE CHANGES IN THE EU

Tatiana Houbenova-Delisivkova

Journal of Financial and Monetary Economics, 2015, vol. 2, issue 1, 76-91

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.

Keywords: financial crisis; credit crunch; banking activities; investment intermediaries; financial stability; EU reforms in the financial sector (search for similar items in EconPapers)
JEL-codes: G12 G28 G32 G33 (search for similar items in EconPapers)
Date: 2015
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