COVID-19 рефлексии върху финансовата стабилност
Covid-19 Reflections on Financial Stability

Author(s): Stoyan Kirov, Stefan Vachkov, Lyubomir Georgiev, Manyu Moravenov, Dimitar Rafailov, Dancho Petrov, Lyudmil Naydenov, Nedyalko Valkanov
Subject(s): Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Financial Markets, Public Finances, Business Ethics
Published by: Икономически университет - Варна
Keywords: corporate finance; Covid-19; crisis management; capital market; international financing; banking stability; fintech; insurance; market concentration; financial stability; fiscal rules; banking services
Summary/Abstract: The monograph explores the impact of Covid-19 on various aspects of the financial system and economic stability. It analyzes the effects on corporate finance, including the deterioration of liquidity and firms’ financial performance. The focus is placed on the role of corporate reserves in achieving better performance in times of crisis. The behavior of capital markets in Bulgaria is examined, along with the contrast between the recovery of international markets and the slower response of the Bulgarian Stock Exchange (BSE). The study also addresses the effects of the pandemic on international financing, highlighting both the constraints and emerging opportunities. The EU banking system has shown greater resilience compared to previous crises, thanks to regulatory reforms and state support. Particular attention is given to the transformation in customer behavior and the growing need for more client-centered banking services. The monograph presents empirical evidence that the pandemic had a limited impact on market concentration in Bulgaria’s insurance sector, though it emphasizes the potential risk of consolidation. Fiscal rules are also undergoing changes in response to the crisis, aimed at increasing the predictability and sustainability of public finances.This book is the result of a collaborative work between faculty members from the University of Economics – Varna and the University of Insurance and Finance – Sofia.

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