Abstract
The chapter describes the peculiar characteristics of the Bulgarian economic system, with reference to the trend of the major macroeconomic variables. In this context, the analysis point out the features of the Bulgarian cooperative credit system, determining its profile based on the type of network taken into consideration and the two different entities: the Central Cooperative Bank Plc (CCB) and the Agriculture Credit Cooperatives (ACCs). The study highlights a substantial fragility of the Bulgarian cooperative system and outlines the hope of a better regulation to support it in the recent contest of EU Cooperative regulation changes.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The Agricultural and Cooperative Bank, the Biochemical Bank, the Construction Bank, the Economic Bank, the Electronics Bank, the Transportation Bank, and the Transport, Agricultural, and Building Equipment Bank, which was also known as Balkan Bank. Refer to Koford and Tschoegl (2002).
- 2.
By the end of 1995, 65 BGN were needed for a US Dollar. By the end of 1996, 178 BGN were needed for a USD and by the end of 1997, 1674 BGN were required for a USD. Cf., BNB Statistics.
- 3.
The European Funds refer to the Poland/Hungary Assistance for Restructuring Economy (PHARE) Program.
- 4.
At the moment, they are: “Agroimpuls”—Sliven; “Maritsa invest”—Plovdiv; “Doverie”—Dobrich; “Saglasie 96”—Russalya, Veliko Turnovo; “Perelik”—Smolyan; “Solidarnost”—Plovdiv; “Aetos”—Aytos, Burgas; “Mizia”—Pleven; “Pomoriiski stopanin”—Pomorie, Burgas; “Stopanin 1”—Haskovo; “Samokov 96”—Samokov, Sofia; “General Toshevo”—General Toshevo, Dobrich; “Momina voda”—Momchilovtsi, Smolyan; “Kaynardzha”—Kaynardzha, Silistra; “Nadezhda”—Pliska, Shumen; “Smilyan”—Smilyan, Smolyan.
References
Bonin JP (2001) Financial intermediation in Southeast Europe: banking on the Balkans. Working paper, Department of Economics, Wesleyan University
Bulgarian National Bank (2004) Commercial banks in Bulgaria, various years, www.bnb.bg
Bulgarian National Banks (2015) Financial supervision reports - Data. www.bnb.bg
Central Cooperative Bank Plc (2013) Annual report, various years. www.ccbank.bg
Central Cooperative Bank (2014) Annual report. www.ccbank.bg
Cotugno M (2010) The Bulgarian cooperative banking system. In: Boscia V, Carretta A, Schwizer P (eds) Cooperative banking in Europe, Studies in banking and financial institutions. Palgrave Macmillan, Basingstoke
Dimitre NN (2006) Possibilities of agricultural credit cooperatives for creating tenable small farming in Bulgarian rural areas. Contributed paper presented at the IAMO Forum 2006, June, Germany
European Central Banking (ECB) (2014) Convergence report, April
European Association of Co-operative Banking (EACB) (2015) Leveraging the co-operative banks’ difference, 2014. Annual report
Gomel G (2002) Banking and financial sector in transition countries and convergence towards European Integration, Banca d’Italia, May
International Monetary Found (2015a) World economic outlook, uneven growth, short and long term factors, April
International Monetary Found (2015b) IMF country report no. 15/119
Koford K, Tschoegl AE (2002) Foreign banks in Bulgaria, 1875–2002. Working paper series, Department of Economics College of Business & Economics University of Delaware, no. 2002–06
Amersdorffer F, Buchenrieder G, Bokusheva R, Wolz A (2015) Financial and social performance of rural credit cooperatives in Bulgaria. J Oper Res Soc 66:57–65
Popov I (2003) The cooperative system in Bulgaria. Report on the occasion of the IRU-Law Seminar, Berlin, November
Vincelette GA (2001) Bulgarian banking sector development, post-1989. SE Eur Polit 2(1):4–23
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2016 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Cotugno, M., Stefanelli, V. (2016). Bulgarian Cooperative Banking. In: Karafolas, S. (eds) Credit Cooperative Institutions in European Countries. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-28784-3_13
Download citation
DOI: https://doi.org/10.1007/978-3-319-28784-3_13
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-28783-6
Online ISBN: 978-3-319-28784-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)