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Comparative Study on Monetary and Fiscal Policy in the Eurozone and Bulgaria

Author

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  • Tsvetelina Marinova

    (New Bulgarian University, Sofia, Bulgaria)

Abstract

This paper aims at comparing monetary and fiscal policy in the eurozone and Bulgaria in order to reveal key challenges to these policies. The extractive nature of the institutional framework of the European Monetary Union results from the „hidden guarantee“ (EU accession premium) and existing institutions - fiscal rules. In Bulgaria, the Currency board arrangement imposes constraints on political institutions to conduct expansionary monetary policy. Thus fiscal discipline is of great importance for the maintenance of current monetary regime. In this respect monetary and fiscal policy are above all inclusive. Current challenges to monetary and fiscal policy in the eurozone and Bulgaria are mostly due to the institutional basis and its implementation.

Suggested Citation

  • Tsvetelina Marinova, 2016. "Comparative Study on Monetary and Fiscal Policy in the Eurozone and Bulgaria," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 367-378, September.
    • Handle: RePEc:nwe:eajour:y:2016:i:3:p:367-378
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    References listed on IDEAS

    as
    1. Dominik Maltritz & Michael Berlemann (ed.), 2013. "Financial Crises, Sovereign Risk and the Role of Institutions," Springer Books, Springer, edition 127, number 978-3-319-03104-0, July.
    2. Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
    3. Paul De Grauwe, 2014. "The Governance of a Fragile Eurozone," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 12, pages 297-320, World Scientific Publishing Co. Pte. Ltd..
    4. Nikolay Nenovsky, 2007. "Monetary order. Critics of monetary theory," Post-Print halshs-00259333, HAL.
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    Cited by:

    1. Galin Petrov Stefanov, 2020. "Mundel Optimality of the Bulgarian Accession to the Euro Area," Business & Management Compass, University of Economics Varna, issue 3, pages 297-315.

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    More about this item

    Keywords

    Eurozone; crisis; budget; monetary policy; fiscal policy;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • G01 - Financial Economics - - General - - - Financial Crises

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