Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective

24 Pages Posted: 10 Feb 2005

See all articles by Nikolay Nenovsky

Nikolay Nenovsky

Bulgarian National Bank

Yorgos Rizopoulos

University of Picardie - CHRISEA

Date Written: December 2004

Abstract

The paper explores the possibilities to measure the institutional change in the monetary field. A political economy theoretical framework is built up, where the change of the monetary regime is analyzed as the outcome of the debtors - creditors interactions. In this perspective, the value of some traditional monetary variables during the period before and after the introduction of the Currency Board in Bulgaria, in 1997, reveals the main actors' evolving relative positions.

Keywords: Institutional change, monetary regime, currency board, transition, Bulgaria

JEL Classification: E42, E52, O10, P30

Suggested Citation

Nenovsky, Nikolay and Rizopoulos, Yorgos, Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (December 2004). Available at SSRN: https://ssrn.com/abstract=665145 or http://dx.doi.org/10.2139/ssrn.665145

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)

Yorgos Rizopoulos

University of Picardie - CHRISEA ( email )

Chemin du Thil
80 025 Amiens
France
+ 33 3 2282 7122 (Phone)

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