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The Bulgarian Currency Board

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  • Jeffrey B Miller

    (Department of Economics, University of Delaware)

Abstract

Following a severe financial crisis in 1996 and early 1997 Bulgaria established a currency board. In many respects the currency board has been a great success. From hyperinflationary levels in February 1997, inflation fell to single-digit levels in 1998 and 1999. The economy has also begun to grow. While enormously successful so far, the currency board has only been in place for a short time. This paper outlines prospective problems that must be faced and explores whether the currency board is sustainable in the longer-run. Comparative Economic Studies (2001) 43, 53–74; doi:10.1057/ces.2001.3

Suggested Citation

  • Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 43(1), pages 53-74, April.
    • Handle: RePEc:pal:compes:v:43:y:2001:i:1:p:53-74
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    Citations

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    Cited by:

    1. Michael Berlemann & Kalina Dimitrova & Nikolay Nenovsky, 2000. "Assessing Market Expectations on Exchange Rates and Inflation: A Pilot Forecasting System for Bulgaria," William Davidson Institute Working Papers Series wp759, William Davidson Institute at the University of Michigan.
    2. Neven T Valev, 2006. "From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(3), pages 480-496, September.
    3. Melina Dritsaki & Chaido Dritsaki, 2012. "A panel data approach to the demand for money in Bulgaria and Romania," Applied Economics Letters, Taylor & Francis Journals, vol. 19(8), pages 705-710, May.
    4. Neven Valev & John Carlson, 2007. "Beliefs about Exchange‐Rate Stability: Survey Evidence from the Currency Board in Bulgaria," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 10(2), pages 111-121.
    5. Stefka Slavova, 2003. "Money demand during hyperinflation and stabilization: Bulgaria, 1991-2000," Applied Economics, Taylor & Francis Journals, vol. 35(11), pages 1303-1316.
    6. Miller, Jeffrey & Petranov, Stefan, 2001. "The Financial system in the Bulgarian economy," MPRA Paper 107704, University Library of Munich, Germany, revised Oct 2001.
    7. Nikola Fabris & Gojko Rodić, 2013. "The Efficiency of the Currency Board Arrangement," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(1), pages 157-176.
    8. repec:cbk:journl:v:1:y:2013:i:3:p:157-176 is not listed on IDEAS
    9. Neven T. Valev & John A. Carlson, 2007. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 10(2), pages 111-121.

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