Impact of the ECB Monetary Policy on Corpoarte Loans Interest Rates in Bulgaria

Author: Valya Vasileva (University of National and World Economy)

Keywords: monetary policy, ECB, interest rates, corporate loans, banks.

This article deals with the impact of the ECB monetary policy on the dynamics of the interest rates on bank loans to non-financial corporations in Bulgaria in the period 2007 - mid 2019. The ECB monetary policy measures are discussed taken in response to the global crisis processes and in the period of economic recovery. In this regard, attention is given to the changes of key ECB interest rates and the changes of the EURIBOR and SOFIBOR market indices. The main trends are outlined in the dynamics of the interest rates on corporate loans extended by the commercial banks in this country. This allows to trace how changes of the ECB monetary policy during the analyzed period are spilled over the interest rates to non-financial corporations in this country.
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