EU Enlargement and Monetary Regimes from the Insurance Model Perspectives

19 Pages Posted: 2 Aug 2010

Date Written: July 1, 2010

Abstract

Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forward an insurance model of currency crises, which after some modifications gives a good theoretical basis for explanation of the overall dynamics of the post communist transformation and diversity across countries and periods. The article analyses, within the framework of the insurance model, the role of monetary regimes (currency anchor) and EU enlargement (political and geostrategic anchor) and their relationships.The insurance game model not only contains an explanatory power, but it also has the potential to suggest a range of measures that could be useful in overcoming the "bad" dynamics, which we are witnessing today not only in the new member-states, but also EU-wide.

Keywords: post communist transformation, monetary regimes, insurance model of currency crisis

JEL Classification: F33, F36, P20, P30

Suggested Citation

Nenovsky, Nikolay, EU Enlargement and Monetary Regimes from the Insurance Model Perspectives (July 1, 2010). William Davidson Institute Working Paper No. 997, Available at SSRN: https://ssrn.com/abstract=1650761 or http://dx.doi.org/10.2139/ssrn.1650761

Nikolay Nenovsky (Contact Author)

Bulgarian National Bank ( email )

str "St. Sofia" 5
Sofia, 1040
Bulgaria
+ 359 2 9145 1239 (Phone)
+ 359 2 980 24 25 (Fax)

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