Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective
24 Pages Posted: 10 Feb 2005
Date Written: December 2004
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: Suggested Citation