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International Monetary Fund
This paper presents key findings of Bulgaria’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems. Bulgaria’s macroeconomic policies are tied to three anchors: the discipline imposed by the Currency Board Arrangement; discipline imposed by the accession procedure to the European Union and European Monetary Union; and the conditionalities of IMF and World Bank programs. Although real growth has resumed and the fiscal deficits have been contained, the increasing current account deficit is a matter of concern.
Mr. Andrew T. Hook
The objectives and functions of payments systems in centrally planned economies are described and analyzed. These are compared to those of payments systems in market economies and to the characteristics of an ideal payments system. The dominant role of the state in the centrally planned economies meant that the state underwrote virtually all payments risk. With the withdrawal of the state, however, participants became exposed to credit, liquidity, and operational risks. In the transition, the central bank has a key role to play in payments systems. Areas where rapid improvements are possible are: accounting, clearing, settlement, netting and standardization.
Thomas Baliño, Juhi Dhawan, and Mr. V. Sundararajan

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.