BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Minassian Garabed (Bulgarian Academy of Sciences, Bulgaria)
Tytuł
Bulgarian Banking : Looking for Sustainability
Źródło
Contemporary Economics, 2013, vol. 7, nr 3, s. 95-114, rys., tab., bibliogr. 30 poz.
Słowa kluczowe
Bankowość, Banki centralne, Banki komercyjne, Kryzys finansowy
Banking, Central banks, Commercial banks, Financial crisis
Uwagi
summ.
Kraj/Region
Bułgaria
Bulgaria
Abstrakt
In this work, we trace and analyze the emergence of the crisis in the Bulgarian banking system as well as the behavior of the central bank and other macroeconomic institutions. The average annual rate of growth in the net profits of the commercial banks for the period 2002-2008 amounted to 31.6%, which encouraged and accounted for the increase in credits. After 2008, the pendulum began to swing back as the difficulties in collecting loan repayments increased, the strain in financial balances tightened and assistance and support from the regulators were requested. The level of the financial and operating income was maintained primarily because of the high interest rates on the loans, but the structure of their distribution shifted substantially. Administrative costs and depreciation were nearly frozen up, and impairment and provisions grew at the expense of profit. This work shows that macroeconomic policies allowed the expansion of the lending boom and encouraged its irrational development. Poor operation and poor quality of the institutions not only allowed but also enabled direction of investments to financing of inefficient production structures. Underestimating the negative consequences shoring up a dysfunctional institutional environment is deemed a form of irrationality; however, not one of the immediate economic players acted to override the economic and political environment. The financial and economic crisis currently affecting the country has its roots in the deficiencies of the domestic macroeconomic policies, and therefore, the efforts toward overcoming these failures should be directed at improved domestic macroeconomic management. (original abstract)
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Acharya, V., & Schnabl, P. (2010). Do Global Banks Spread Global Imbalances? Asset-Backed Commercial Paper during the Financial Crisis of 2007-09. IMF Economic Review, 58 (1), 37-73.
  2. Attali, J. (2009). Кризата, а след това? [The Crisis, and After That?] (M. Petrikova, Trans.). Sofia: RIVA
  3. Bulgarian National Bank (2012). Banks in Bulgaria (October - December 2011). Retrieved from http://www.bnb.bg/bnbweb/groups/public/documents/ bnb_publication/pub_b_in_b_2011_12_en.pdf
  4. Bulgarian National Bank (2011). Banks in Bulgaria (July - September 2010). Retrieved from http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/pub_b_in_b_2010_09_ en.pdf
  5. Bulgarian National Bank (2010). Annual Report 2009. Retrieved from http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/anual_report_2009_en.pdf
  6. Bulgarian National Bank (2005). Commercial Banks in Bulgaria (October-December 2005). Retrieved from http://www.bnb.bg/bnbweb/groups/public/ documents/bnb_publication/c_bnb_p_banks_ in_b_200512_en.pdf
  7. Baur, D. (2012). Financial Contagion and the Real Economy. Journal of Banking & Finance, 36 (10), 2680-2692.
  8. DG Enterprise and Industry. (2012). EU Industrial Structure 2011. Trends and Performance. Luxembourg: Publications Office of the European Union.
  9. European Commision. (2011). European Competitiveness Report 2011, SEC(2011) 1188 final. Brussels, European Commission.
  10. Gilpin, R. (2001). Глобална икономика. Разбиране на международния икономически ред [Global Political Economy. Understanding the International Economic Order] (L. Benatov, Trans.). Sofia: Damian Yakov.
  11. Havrylchyk, O., & Jurzyk, E. (2011). Profitability of foreign banks in Central and Eastern Europe: Does the entry mode matter? The Economics of Transition, 19 (3), 443-472.
  12. Hristov, L. (2012). Финансистът Любомир Христов предложи 6 мерки за равенство на гражданите с банките [Granting credits is risky, the country is run poorly]. Retrieved December 2, 2012 from http://grajdani.org/?p=4775
  13. International Monetary Fund (2012). World Economic Outlook. (April 2012). Growth Resuming, Dangers Remain. Retrieved from http:// www.imf.org/external/pubs/ft/weo/2012/01/ pdf/text.pdf
  14. Ismailescu, I., & Kazemi, H. (2011). Contagion or Interdependence in Emerging Debt Markets? The Banking and Finance Review, 3 (2), 1-15.
  15. Kazi, M. H., & Leonard, J. E. (2011). Impact of the global recession on the Southeastern European Banking Sector: A simple exposition. Journal of New Business Ideas & Trends, 9 (1), 18-27.
  16. Koetter, M., & Wedow, M. (2010). Finance and growth in a bank-based economy: is it quantity or quality that matters? Journal of International Money and Finance, 29 (8), 1529-1545.
  17. Krugman, P. (2009). The Return of Depression Economics and the Crisis of 2008. New York, NY: W. W. Norton & Company Ltd.
  18. Mehrling, P. (2004). Накъде "макро" [Whither Macro?]. In M. Szenberg & L. Ramrattan (Eds.), Нови хоризонти в икономиката [New Frontiers in Economics] (V. Bakalova, Trans.) (pp. 185-196). Sofia: Prof. Marin Drinov.
  19. Minassian, G. (2011). Breaking the Bulgarian Economic Model. Reasons and Projections. Saarbrücken, VDM Verlag Dr. Müller GmbH & Co. KG.
  20. Mises, L. (2006). Marxism Unmasked: From Delusion to Destruction. New York, NY: Foundation for Economic Education.
  21. Ray, D. (2004). Какво е новото в икономиката на развитието? [What's New in Development Economics?] In M. Szenberg & L. Ramrattan (Eds.), Нови хоризонти в икономиката [New Frontiers in Economics] (V. Bakalova, Trans.) (pp. 247-269). Sofia: Prof. Marin Drinov.
  22. Roubini, N., & Mihm, S. (2010). Crisis Economics. A Crash Course in the Future of Finance. New York, NY: The Penguin Press HC.
  23. Sariyski, G. (2008). Evaluation of the Financial Reliability of the Firm. Economic Thought Journal, 2008 (1), 26-48.
  24. Stiglitz, J. E. (2003). Globalization and its Discontents. New York, NY: W. W. Norton & Company.
  25. Stiglitz, J. E. (2010a). Freefall. America, Free Markets, and the Sinking of the World Economy. New York, NY: W. W. Norton & Company.
  26. Stiglitz, J. E. (Ed.). (2010b). The Stiglitz Report: Reforming The International Monetary and Financial Systems in the Wake of the Global Crisis. New York, NY: The New Press.
  27. Stiglitz, J. E., Sen, A., Fitoussi, J. P. (2010). Mismeasuring Our Lives: Why GDP Doesn't Add Up Paperback. New York, NY: New Press.
  28. Taseva, G. (2012). Overdue Intercorporate Debts in Bulgaria. Economic Thought Journal, 2012 (3), 76-94.
  29. Wilczyński, R. (2011). Global Financial Governance: a Perspective from the International Monetary Fund. Contemporary Economics, 5 (1), 4-16.
  30. Wołowiec, T., & Soboń, J. (2011). EU Integration and Harmonisation of Personal Income Taxation. Contemporary Economics, 5 (1), 36-46.
Cytowane przez
Pokaż
ISSN
2084-0845
Język
eng
URI / DOI
http://dx.doi.org/10.5709/ce.1897-9254.92
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu