Банки или пазари (поглед върху полезността им за България по време на кризата от 2008 г. и след нея)
Banks or Markets (Looking for their Usefulness for Bulgaria During the 2008 Crisis)

Summary/Abstract: Banks are very important for every financial system, but when their capital comes from a single destination, they add extra risk to the national economy. During the financial crisis, launched at the end of 2008, banks in Bulgaria imposed a relative limitation on the credit resources and a high price of the borrowed capital. Previously, and in the years after the crisis, banks are far from asset securitization and with very insignificant positions in risky securities - so they do not help the development of the Bulgarian capital market, maintain investment positions with low return and realize symbolic income for assets. Institutional non-bank investors, on the other hand, are attempting market behavior, but the lack of quality investment assets imposes high positions in government debt with low yields. By comparing and analyzing the investment portfolios of Bulgarian financial institutions, the research tries to prove that banks can help more for the development of both the Bulgarian economy and the national capital market. Market-based banking is a way to achieve higher returns for investors and bank customers, but also an important channel to increase the supply of quality assets and to generate investment demand.

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