Flashes from the past: The Origin and development of banking in Bulgaria

The study aims to outline the specifics related with the emergence and development of banking in Bulgaria. The analyzed time period is divided into four parts, wich reflect development of the Bulgarian state. The first period covers the years before the establishment of the Third Bulgarian State (until 1878) and covers development of banking relations in the Ottoman Empire on the territory of the Bulgarian lands. The second period focuses on the development of banking in the newly created Third Bulgarian State (1878-1944) and reflects different aspects of the institutionalization of the state and banks. Third period (1944-1989) focuses on devolution changes in the banking sector came after the nationalization of the banking sector and the imposition of centrally planned economy in Bulgaria. Analysis of the fourth period (after 1989) focuses on the problems of the banking system transition to market relations, and on the causes of the banking crisis (1996-1997).