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Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (Groups of interest and monetary variables during the Currency Board introduction in Bulgaria)

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  • Nikolay Nenovsky
  • Yorgos Rizopoulos

Abstract

The paper explores the possibilities to measure the institutional change in the monetary field. A political economy theoretical framework is built up, where the change of the monetary regime is analyzed as the outcome of the debtors - creditors interactions. In this perspective, the value of some traditional monetary variables during the period before and after the introduction of the Currency Board in Bulgaria, in 1997, reveals the main actors' evolving relative positions.

Suggested Citation

  • Nikolay Nenovsky & Yorgos Rizopoulos, 2004. "Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (Groups of interest and monetary variables during the Currency Board introduction in Bulgaria)," William Davidson Institute Working Papers Series wp732, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:2004-732
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    Cited by:

    1. 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.

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    More about this item

    Keywords

    institutional change; monetary regime; Currency Board; transition; Bulgar;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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