Foreign banks in Bulgaria, 1875-2002

Kenneth Koford () and Adrian Tschoegl ()

No 537, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: We use the analogy of ecological succession as our conceptual framework. We apply this analogy to the history of foreign banks in Bulgaria and argue that the current predominance of foreign banks is unlikely to be permanent, even without government action. Foreign banks have entered Bulgaria several times—before World War I, again after that war, and after the fall of Communism in the early 1990s. The same source countries and even some of the same banks that were present before World War II or even World War I, reappear in the 1990s. Government concern with retaining control over credit limited the foreigners’ role in the banking system. However, since 1997 the government has privatized almost all the major banks with the result that foreign banks now control over 80 per cent of the banking system’s assets.

Keywords: International-banking; Bulgaria; Foreign-Banks; transition; succession (search for similar items in EconPapers)
JEL-codes: G21 L13 N34 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2003-01-01
New Economics Papers: this item is included in nep-eec, nep-his and nep-tra
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Citations: View citations in EconPapers (2)

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