Bulgaria: Fifteen Years Later
Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise Currency Board Working Paper No. 2
7 Pages Posted: 13 Nov 2012
Date Written: November 12, 2012
In this paper I reflect on my experiences in Bulgaria, where I served as President Stoyanov's adviser and played a major role in establishing Bulgaria's currency board. The first of July marked the anniversary of a momentous day in Bulgarian history. On that day, fifteen years ago, Bulgaria installed its currency board system (CBS), finally ending its hyperinflation, which had peaked with a monthly inflation rate of 242%, in February 1997. Armed with a currency board system, Bulgarians overcame the hyperinflation crisis of 1996-97 and finally began to realize stability and economic growth. Now, it’s time to get serious about Bulgaria’s biggest problem: corruption.
Keywords: Hanke, Currency Board, Boards, Bulgaria, Hyperinflation, Corruption
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