Макропруденциален надзор в Република България. Въвеждане, институции и ефекти
Macroprudential Supervision in the Republic of Bulgaria. Establishment, Institutions and Effects

Author(s): Elena Dimitrova-Tsoneva
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Economic policy, Financial Markets, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Capital conservation buffer; Countercyclical capital buffer; Systemic risk buffer; Buffer for global and other systemically important
Summary/Abstract: In the countries with a fixed monetary policy, in which interest rates cannot be increased in order to tighten credit discipline, in the period 2007 – 2009, given the risks associated with the credit growth “reasonable” instruments are quickly recognized as alternatives. Bulgaria is one of the first countries to apply a macroprudential policy, using instruments ranging from higher capital requirements to differentiated requirements for reserves and prudential credit ceilings. The purpose of this publication is to show the experience of the Republic of Bulgaria in the implementation of the macroprudential supervisory policy of the Union. The benefits we manage to derive from the regulatory mechanisms for our economy in a situation after total state bankruptcy and currency board, global economic crisis and pandemic.

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