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Evaluation and Analysis of the Independence of the Bulgarian National Bank for the Period after 1990

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  • Ekaterina Sotirova

Abstract

Studied is one of the primary characteristics in the activity of the contemporary central bank – its independence from the executive power. The objective of the study is to track and analyze the degree of dependence between the behavior of BNB from one hand and the activities of the government on the other hand for two relatively determined periods – 1990-1997 and after 1997. The made quantitative estimation of the independence of the central bank is in applying the popular methodology of Al. Tzukerman. The second part of the article is devoted to the specific for Bulgaria characteristics of forming and keeping the independence of BNB before and after the introducing of the rules of the Currency Board. The complex analysis of the independence shows that it is a necessary condition for macroeconomic stability, but its achieving does not guarantee by itself an economic prosperity.

Suggested Citation

  • Ekaterina Sotirova, 2001. "Evaluation and Analysis of the Independence of the Bulgarian National Bank for the Period after 1990," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 114-132.
    • Handle: RePEc:bas:econth:y:2001:i:7:p:114-132
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    References listed on IDEAS

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    1. Cukierman, Alex & Kalaitzidakis, Pantelis & Summers, Lawrence H. & Webb, Steven B., 1993. "Central bank independence, growth, investment, and real rates," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 95-140, December.
    2. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    3. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," The World Bank Economic Review, World Bank, vol. 6(3), pages 353-398, September.
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    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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