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Effective Exchange Rates of the Bulgarian Lev 1879-1939Kalina DimitrovaBulgarian National Bank Martin IvanovBulgarian Academy of Sciences Ralitsa Simeonova-GanevaFEBA, Sofia University St. Kliment Ohridski May 14, 2009 ICER Working Paper No. 04/2009 Abstract: 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: 21 working papers seriesDate posted: May 14, 2009 ; Last revised: May 25, 2009Suggested CitationContact Information
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