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The Nonorthodox Currency Boards: The Case of Bulgaria

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Abstract

In recent years a number of countries have introduced currency boards (CB). The new generation currency boards, which is gaining swing and popularity, preserves to different degrees the central bank's ability to perform the lender of last resort function (LOLR) and leaves room for intervention in case of systemic risk. Central bank flexibility was preserved in different forms in HongKong, Argentina, Estonia, Lithuania and Bulgaria. The major questions that need answers are: (1) which are the new channels of monetary policy; (2) does an orthodox self-regulating mechanism work with second generation currency boards; (3) how are disequilibria in the economy adjusted? The theoretical hypotheses presented are checked empirically based on Bulgarian data.

Suggested Citation

  • Nenovsky, N. & Hristov, K., 2001. "The Nonorthodox Currency Boards: The Case of Bulgaria," Papers 2001-01, Ecole des Hautes Etudes Commerciales de Montreal-.
    • Handle: RePEc:fth:etcomo:2001-01
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    Cited by:

    1. Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(4), pages 1-44, December.
    2. Raúl de Arriba Bueno, 2006. "Private or Market Economy in Bulgaria? An Institutional Approach to the Bulgarian Transition," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 71-89.
    3. Elena Spassova, 2016. "Balance-of-Payments Characteristics of Bulgarian Economic Growth," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 43-81.
    4. Nikolay Nenovsky, 2001. "The Currency Board in Estonia, Lithuania and Bulgaria: Comparative Analysis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 24-45.

    More about this item

    Keywords

    CURRENCIES ; CENTRAL BANKS ; RISK;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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