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Dependent Monetary Regime

In: Diversity of Capitalism in Central and Eastern Europe

Author

Listed:
  • Eric Magnin

    (University Paris Cité)

  • Nikolay Nenovsky

    (University of Picardie Jules Verne
    State University HSE and Department of Political Economy, RUDN)

Abstract

This chapter presents the theory of DMR and its place in the institutional configuration of dependent capitalism. The monetary regime is defined as “a set of formal rules of monetary behaviour, as well as mechanisms of their enforcement’, consisting of two main components—internal (monetary policy regime) and external (exchange rate regime). The main characteristics of DMR are presented, namely passive and liberal exchange rate regime and monetary policy, limited LOLR, low levels of seigniorage, etc. The basic DMR institutional forms and their sustainability are also discussed. Special attention is paid to the Currency board (limited or complete lack of monetary discretion) and euroization (absence of national currency). These two DMRs are compared with the pegged and adjustable exchange rate regimes of a Central Bank pursuing a discretionary monetary policy.

Suggested Citation

  • Eric Magnin & Nikolay Nenovsky, 2022. "Dependent Monetary Regime," Springer Books, in: Diversity of Capitalism in Central and Eastern Europe, chapter 0, pages 57-81, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-04950-7_4
    DOI: 10.1007/978-3-031-04950-7_4
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