Foreign Banks in Bulgaria, 1875-2002

47 Pages Posted: 15 Apr 2003

See all articles by Kenneth Koford

Kenneth Koford

University of Delaware (Deceased)

Adrian E. Tschoegl

University of Pennsylvania - Management Department

Date Written: December 2002

Abstract

We use the analogy of ecological succession as our conceptual framework. We apply this analogy to the history of foreign banks in Bulgaria and argue that the current predominance of foreign banks is unlikely to be permanent, even without government action. Foreign banks have entered Bulgaria several times - before World War I, again after that war, and after the fall of Communism in the early 1990s. The same source countries and even some of the same banks that were present before World War II or even World War I, reappear in the 1990s. Government concern with retaining control over credit limited the foreigners' role in the banking system. However, since 1997 the government has privatized almost all the major banks with the result that foreign banks now control over 80 percent of the banking system's assets.

Keywords: International-banking, Bulgaria, Foreign-Banks, transition, succession

JEL Classification: N34, L13, G21

Suggested Citation

Koford, Kenneth and Tschoegl, Adrian E., Foreign Banks in Bulgaria, 1875-2002 (December 2002). William Davidson Institute Working Paper No. 537. Available at SSRN: https://ssrn.com/abstract=386101 or http://dx.doi.org/10.2139/ssrn.386101

Kenneth Koford

University of Delaware (Deceased)

N/A

Adrian E. Tschoegl (Contact Author)

University of Pennsylvania - Management Department ( email )

The Wharton School
Philadelphia, PA 19104-6370
United States

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