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1 results

  • 10 - The Bulgarian National Bank, 1926–1935

  • from Part II - Specific
  • Edited by Barry Eichengreen, University of California, Berkeley, Andreas Kakridis, Bank of Greece and Panteion University, Athens
  • Book:
    The Spread of the Modern Central Bank and Global Cooperation
    Published online:
    02 November 2023
    Print publication:
    16 November 2023, pp 268-300

  • Summary

    The Bulgarian National Bank (BNB) was restructured repeatedly between 1926 and 1935, but these restructurings were superficial and incoherent, producing contradictory outcomes. The liberal spirit of the initial 1926-8 reforms dissolved with the onset of the Great Depression. Subsequently, the BNB was endowed with new instruments and tasked with carrying out the interventionist policies adopted in the 1930s, thus paving the way for the bank’s eventual role in the communist planned economy. This chapter focuses on the significance of BNB’s state ownership and on the tight economic conditionality attached to 1926 and 1928 loans sponsored by the League of Nations. By contrasting policies followed in Bulgaria and Greece during the Depression, it challenges Eichengreen’s hypothesis that heavy defaulters and countries leaving the gold exchange standard performed better relative to those that sought to maintain their reputations as decent debtors.