IDEAS home Printed from https://ideas.repec.org/a/sko/yrbook/v9y2011i1p89-107.html
   My bibliography  Save this article

Monetary and Fiscal Policies in Bulgaria:Lessons from the Historical Record

Author

Listed:
  • Kalina Dimitrova

    (Bulgarian National Bank)

Abstract

There are two aspects through which economic policy could influence the situation of the economy – monetary and fiscal. Monetary and fiscal policies have different and sometimes controversial goals to achieve by the means of specific instruments. While the mission of the central banks is usually price stability, governments usually sets their goals in the realm of economic growth and employment. Fiscal institutions however, often use inflation in order to derive revenues (seigniorage) and finance budget deficits. Hence, inflation is viewed as public finance phenomenon (Barro, 1979; Mankiw, 1987; Grilli, 1989). The purpose of this paper is to present the historical perspective on the behaviour of the monetary and fiscal policies pursued in Bulgaria from 1879 when the Bulgarian National Bank was established (soon after the liberation of from the Ottoman Empire). Furthermore, having historical time series of monetary and fiscal indicators, gives us the chance to study the link between government budget problems, monetary variables’ fluctuations and inflation dynamics under different monetary episodes.

Suggested Citation

  • Kalina Dimitrova, 2011. "Monetary and Fiscal Policies in Bulgaria:Lessons from the Historical Record," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 9(1), pages 89-107, March.
    • Handle: RePEc:sko:yrbook:v:9:y:2011:i:1:p:89-107
    as

    Download full text from publisher

    File URL: http://www.feb.uni-sofia.bg/sko/yrbook/Yearbook09-05.pdf
    Download Restriction: no
    File URL:
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kalina Dimitrova & Luca Fantacci, 2009. "Financial stability, monetary autonomy and fiscal interference: Bulgaria in search of its way, 1879-1913," SEEMHN papers 3, National Bank of Serbia.

    More about this item

    Keywords

    monetary and fiscal policy; inflation; exchange rate.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • 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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sko:yrbook:v:9:y:2011:i:1:p:89-107. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Teodor Sedlarski (email available below). General contact details of provider: https://edirc.repec.org/data/fesofbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.