期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2003
卷号：1
出版社：Dresden
摘要：In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis.
However, in comparison to the Asian, the Russian or the recent Tango Crisis the Bulgarian Crisis did arouse relatively
low international interest. We argue that the Bulgarian Financial Crisis might serve as an illustrative example of a twin
crisis involving both a currency and a banking crisis. While the Bulgarian Crisis had some properties of so-called
fundamental crises, as explained by first generation models of currency crises, the severity of the crisis was primarily
due to systematic moral hazard behaviour of the banking sector. Special attention is paid to the crucial role the
Bulgarian National Bank played in the pre-crisis and during the crisis period when acting more as a lender of first than
a lender of last resort. We also show how Bulgaria managed to overcome the crisis by introducing a second generation
currency board allowing the central bank to act as a strictly limited lender of last resort thereby making the country less
prone to a financial crisis in the future.
关键词：Lender of Last Resort, Financial Crises, Twin Crises, Currency Boards, Bulgaria
