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From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1

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  • Neven T Valev

    ()
    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, PO Box 3992, Atlanta, GA 30302-3992, USA.)

Abstract

Bulgaria has operated a currency board since 1997. It is expected to join the European Union in 2007 and the European Monetary Union (EMU) thereafter. This paper analyses public attitudes toward adoption of the euro in advance of EMU membership and offers unique evidence on the political economy of a move from a currency peg to euroisation The support for early euroisation reflects concerns about currency devaluation and the perception that the euro is already widely used in the economy. The opposition derives primarily from attachment to the national currency. Comparative Economic Studies (2006) 48, 480–496. doi:10.1057/palgrave.ces.8100124

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 48 (2006)
Issue (Month): 3 (September)
Pages: 480-496

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Handle: RePEc:pal:compes:v:48:y:2006:i:3:p:480-496

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  1. 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 and Francis Journals, vol. 10(2), pages 111-121.
  2. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  3. Sebastian Edwards, 1996. "The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes," NBER Working Papers 5756, National Bureau of Economic Research, Inc.
  4. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa40.
  5. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
  6. Collins, Susan M., 1996. "On becoming more flexible: Exchange rate regimes in Latin America and the Caribbean," Journal of Development Economics, Elsevier, vol. 51(1), pages 117-138, October.
  7. Boris Vujcic, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 159-176, March.
  8. Fabrizio Coricelli, 2002. "Exchange rate policy during transition to the European Monetary Union: The option of euroization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 405-417, July.
  9. Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July.
  10. Daniel Gros, 2002. "The euro for the Balkans?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 491-511, July.
  11. Adalbert Winkler & Francesco Mazzaferro & Carolin Nerlich & Christian Thimann, 2004. "Official dollarisation/euroisation - motives, features and policy implications of current cases," Occasional Paper Series 11, European Central Bank.
  12. D. Mario Nuti, 2002. "Costs and benefits of unilateral euroization in central eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 419-444, July.
  13. Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan, vol. 43(1), pages 53-74, April.
  14. Thomas D. Willett, . "Some Political Economy Aspects of EMU," Claremont Colleges Working Papers 2000-17, Claremont Colleges.
  15. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May.
  16. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
  17. Vladimir Klyuev, 2002. "Exchange Rate Regime Choice in Central and Eastern European Transitional Economies," Comparative Economic Studies, Palgrave Macmillan, vol. 44(4), pages 85-117, December.
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  1. repec:ebl:ecbull:v:6:y:2008:i:46:p:1-7 is not listed on IDEAS
  2. Steven Buigut, 2008. "Determinants of the Public's Preference for a Referendum on Monetary Union," Economics Bulletin, AccessEcon, vol. 6(46), pages 1-7.

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