Abstract

http://ssrn.com/abstract=1140774
 
 

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Some New Insights into Currency Boards: Evidence from Bulgaria


Alexandru Minea


Université d'Auvergne - Clermont 1

Christophe Rault


University of Orleans; Université d'Évry - Centre D'Etudes des Politiques Economiques et de L'Emploi (EPEE); Université Paris I Panthéon-Sorbonne - Equipe Universitaire de Recherche en Economie Quantitative (EUREQUA); Institute for the Study of Labor (IZA); CESifo (Center for Economic Studies and Ifo Institute)

January 2008

William Davidson Institute Working Paper No. 903

Abstract:     
The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission, since a CB implies no monetary autonomy. Using the SVAR technique according to the statistical properties of macroeconomic time series, we propose evidence sustaining the endogeneity of main Bulgarian monetary aggregates to shocks on the ECB interest rate. These results shed a new perspective over CB functioning.

Number of Pages in PDF File: 24

Keywords: Currency Board, monetary policy, SVAR, Bulgaria

JEL Classification: E42, E52

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Date posted: June 10, 2008  

Suggested Citation

Minea, Alexandru and Rault, Christophe, Some New Insights into Currency Boards: Evidence from Bulgaria (January 2008). William Davidson Institute Working Paper No. 903. Available at SSRN: http://ssrn.com/abstract=1140774 or http://dx.doi.org/10.2139/ssrn.1140774

Contact Information

Alexandru Minea
Université d'Auvergne - Clermont 1 ( email )
Clermont-Ferrand
France
Christophe Rault (Contact Author)
University of Orleans
Rue de Blois
BP 6739
Orleans, Orleans cedex 2 45067
France
Université d'Évry - Centre D'Etudes des Politiques Economiques et de L'Emploi (EPEE) ( email )
Department of Economics
91025 EVRY Cedex
France
+ 33 (0)1 69 47 70 36 (Phone)
+ 33 (0)2 43 04 22 06 (Fax)
University of Paris 1 Pantheon-Sorbonne - Equipe Universitaire de Recherche en Economie Quantitative (EUREQUA) ( email )
106-112 Boulevard de l'Hopital
Paris Cedex 13, 75647
France
HOME PAGE: http://www.multimania.com/chrault/
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
Feedback to SSRN


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