The Bulgarian National Bank at 140: central banks and the financial cycle
By Bank for International Settlements (BIS)
In this commemorative address, Agustín Carstens examines the dynamics of global and European financial cycles, using Bulgaria’s 140-year monetary history as a backdrop for broader lessons on financial stability. He defines the financial cycle through the "ebbs and flows of risk-taking," where periods of rapid credit expansion and rising asset prices inevitably lead to systemic stress.
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