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Autor
Pavlova Rossitsa Rangelova (Bulgarian Academy of Sciences - Economic Research Institute, Sofia, Bulgaria), Sariiski Grigor (Bulgarian Academy of Sciences - Economic Research Institute, Sofia, Bulgaria)
Tytuł
Negative Impacts of the Neo-liberal Policies on the Banking Sector in Bulgaria
Źródło
Contemporary Economics, 2015, vol. 9, nr 1, s. 61-76, tab., bibliogr. 33 poz.
Słowa kluczowe
Sektor bankowy, Polityka gospodarcza, System bankowy w gospodarce rynkowej, Studium przypadku
Banking sector, Economic policy, Banking system in market economy, Case study
Uwagi
summ.
Kraj/Region
Bułgaria
Bulgaria
Abstrakt
From the beginning of the 1970s until the last global financial and economic crisis in 2008-2009, neo-liberal ideas guided economic policy development. It is worth noting that the Central and Eastern European countries transformed their economies from centrally planned to а market type at the peak of the liberal policies. Bulgaria offers a particularly interesting example because the country encountered a very difficult transition from one extreme of an economic system organization to another. The paper considers the reforms in the Bulgarian banking sector during the transition period from a centrally planned to a market type economy (from 1989 onward) through the implementation of neo-liberal policies. The development of the banking sector and its transformation is analyzed throughout the two main periods: before and after the transition. The latter is divided into two sub-periods (phases) beginning with the early 1990s, followed by the financial and bank crisis in the country, the introduction of a currency board regime in 1997, and stabilization, and ending with the global crisis in 2008-2009. This article summarizes that during the transition period, a modern banking system was established to accumulate profit rather than to promote economic growth. Following a chronological order, the negative effects of the liberalization of the Bulgarian banking sector are specified: the exportation of ownership (and control) upon banking system assets, unfair asset redistribution, the emergence of the local oligarchy, the weak protection of the taxpayers and others.(original abstract)
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Bibliografia
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Cytowane przez
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ISSN
2084-0845
Język
eng
URI / DOI
http://dx.doi.org/10.5709/ce.1897-9254.160
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