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The 1996--1997 financial crisis in B...

Gros, Stephane.

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The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises./
Author:	Gros, Stephane.
Description:	240 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-05, Section: A, page: 1879.
Contained By:	Dissertation Abstracts International65-05A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3133797

The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises.
Gros, Stephane.

The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises. - 240 p.

Source: Dissertation Abstracts International, Volume: 65-05, Section: A, page: 1879.

Thesis (Ph.D.)--University of Delaware, 2004.

In the spring of 1996, Bulgaria was hit by an extremely severe financial crisis, with repeated bank runs, large fiscal slippages and a rapid depreciation of the Lev. The crisis culminated in February 1997, with a short period of hyperinflation in the midst of political upheavals. The purpose of the paper is to explain the Bulgarian crisis and explore, in particular, the relationships between the banking and currency crises. Four approaches are used to that end: (i) an overview of the literature on financial crises, with an emphasis on the so-called "twin-crises;" (ii) a comparison of the Bulgarian experience with that of other transition economies; (iii) a detailed chronology of the banking and currency crises in Bulgaria; and (iv) empirical investigations on the magnitude and causes of portfolio shifts during the crisis. All four approaches point towards the same set of conclusions and highlight two principal channels between the banking and currency crises.Subjects--Topical Terms:

1017424
Economics, General.

The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises.
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100 1 $a Gros, Stephane. $3 1924854
245 1 4 $a The 1996--1997 financial crisis in Bulgaria: Links between the banking and currency crises.
300 $a 240 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-05, Section: A, page: 1879.
500 $a Professor in charge: Jeffrey B. Miller.
502 $a Thesis (Ph.D.)--University of Delaware, 2004.
520 $a In the spring of 1996, Bulgaria was hit by an extremely severe financial crisis, with repeated bank runs, large fiscal slippages and a rapid depreciation of the Lev. The crisis culminated in February 1997, with a short period of hyperinflation in the midst of political upheavals. The purpose of the paper is to explain the Bulgarian crisis and explore, in particular, the relationships between the banking and currency crises. Four approaches are used to that end: (i) an overview of the literature on financial crises, with an emphasis on the so-called "twin-crises;" (ii) a comparison of the Bulgarian experience with that of other transition economies; (iii) a detailed chronology of the banking and currency crises in Bulgaria; and (iv) empirical investigations on the magnitude and causes of portfolio shifts during the crisis. All four approaches point towards the same set of conclusions and highlight two principal channels between the banking and currency crises.
520 $a First, the banking crisis seems to have led to large fiscal and quasi-fiscal costs, a swelling of domestic debt, and the realization, by Bulgarian households, that the government would not be able to absorb those costs without resorting to the printing press (as in standard models of financial crises). Second, the level of international reserves held by the central bank appears to have had an impact on both the timing and magnitude of the bank and currency runs (suggesting, possibly, that foreign exchange reserves acted as a signal of the government's ability to act as a lender of last resort in both the banking and currency crises). The empirical analysis presented in the paper provides an estimate for the impact of future expected depreciation on currency holdings and attempts to quantify the effect of changes in foreign exchange reserves on households' expectations and portfolio decisions.
590 $a School code: 0060.
650 4 $a Economics, General. $3 1017424
650 4 $a Business Administration, Banking. $3 1018458
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690 $a 0770
710 2 0 $a University of Delaware. $3 1017826
773 0 $t Dissertation Abstracts International $g 65-05A.
790 1 0 $a Miller, Jeffrey B., $e advisor
790 $a 0060
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3133797