Budgetary Policy, Money Supply, and Banking in Bulgaria Between the Wars

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Abstract
The first stage in the financial history of Bulgaria after the First World War was a period of hyperinflation and currency depreciation, associated with large budget deficits and rapid expansion of the money supply. This continued until 1923, when the situation was brought under a degree of control by a coup d’etat and restrictions on public expenditure. The economic crisis of 1929–33 saw a sharp fall in prices and a further change in the general direction of policy from a broadly free market to intensive state intervention. This included state controls on the prices of grain and some industrial products, the creation of state monopoly enterprises, and intervention in the exchange regime and in foreign trade. The inter‐war periods also saw the emergence of a central bank with responsibility for the note issue.

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