Corporate sector  Total dinar receivables  10 0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2010 2011 2012 2013 2014 2015 2016 2017 Source: NBS. The business and investment environment is more stable.
As we know, markets often react late, tend to over-react and to be pro-cyclical, behave as a herd and  BIS central bankers’ speeches  3  follow acritically rating agencies. Policy makers cannot complain about this behaviour – occasionally even threaten market participants with coercive actions – and at the same time delegate to these same markets the fate of their economies.