The Lessons from the Financial Crisis and the Post Crisis Period. The Case of a Country with a Currency Board Arrangement

Summary: The paper analyses the main issues related to the global financial crisis of 2008-2009 and the post-crisis period, as well as the effects of the global financial crisis in the banking and non-banking financial sectors. It addresses the effects of the financial crisis in a country with a Currency Board Arrangement (CBA) such as Bulgaria, where the mechanisms of monetary policy have been blocked in principle, which in turn has a direct influence on the banking system and on the entire economy. The options for the management of financial crises are also discussed as the emphasis is on crisis management on the macro level. The main points are focused on the lessons drawn from the financial crisis and from the post-crisis period with regard to the different segments in the financial sector.