Effective Exchange Rates of the Bulgarian Lev 1879-1939
Bulgarian National Bank
Bulgarian Academy of Sciences
FEBA, Sofia University St. Kliment Ohridski
May 14, 2009
ICER Working Paper No. 04/2009
The paper constructs the first series of nominal and real effective exchange rates of the Bulgarian Lev from its establishment in 1879 until 1939. The dynamics of both indicators during the Classical Gold Standard fits the general picture of exchange rate development of other European countries while their movements in the Interwar years reflects the exchange rate policy of the monetary authority and the price effects of the Great Depression. The study also provides econometric estimation of the impact of the real effective exchange rates and foreign demand on Bulgaria’s real export performance allowing for some policy implications.
Number of Pages in PDF File: 21working papers series
Date posted: May 14, 2009 ; Last revised: May 25, 2009
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