Оригинална статия Macroeconomics and Monetary Economics

THE FIRST STEPS OF THE LENDER OF LAST RESORT IN BULGARIA. HISTORY AND DEBATES DURING THE GREAT DEPRESSION

Nikolay Nenovsky - Professor at the Université de Picardie Jules Verne, Amiens, France and Professor at the Department of Finance of the UNWE
Tsvetelina Marinova - New Bulgarian University
Received: 17 Jun 2022
Revised:
Published:
Downloads: 0
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Issue 1/2022
JEL G28 G21 E52 E58 N14 N44
DOI https://doi.org/10.56497/etj2267102

Abstract

Abstract: In recent years we have witnessed profound institutional changes in the character of central banks and in their monetary policies. These transformations are the result of a number of factors, most notably the crisis that began in 2008, as well as the large-scale processes of digitalisation of money. The place and specific mechanisms of the financial stability system, including of the lender of last resort (LOLR), are also evolving. In this context a review of the historic development of the LOLR could be particularly useful.

This article aims to present the first steps of the LOLR in Bulgaria in the years of the Great Depression and the banking crises related to it. The various institutional forms of the LOLR in Bulgaria are described in sequence. The role of the Bulgarian National Bank (BNB), as the LOLR in the systemic crisis and the rescuing of Credit Bank in 1931, and the theoretical discussions among Bulgarian economists about the LOLR have been examined

How to cite this article

Nenovsky, N., Marinova, T. (2022). Parvite stapki na kreditora ot posledna instantsia v Bulgaria. Istoria i debati v godinite na Velikata depresia [The First Steps of the Lender of Last Resort in Bulgaria. History and Debates During the Great Depression]. Economic Thought Journal, 67(1), pp. 28-53 (in Bulgarian). https://doi.org/10.56497/etj2267102 

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