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Some New Insights into Monetary Transmission Mechanism in Bulgaria

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  • Minea, Alexandru

    ()
    (University of Auverg)

  • Rault, Christophe

    ()
    (University of Orléans)

Abstract

The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission. Using a generalized impulse response analysis, we propose evidence based on the estimation of VAR models supporting the endogeneity of main Bulgarian monetary aggregates, in response to shocks on the ECB interest rate. These results, together with the analysis of the behavior of real variables, shed a new perspective on the CB functioning of Bulgaria.

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Bibliographic Info

Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

Volume (Year): 24 (2009)
Issue (Month): ()
Pages: 563-595

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Handle: RePEc:ris:integr:0486

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Web page: http://econo.sejong.ac.kr/
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Related research

Keywords: currency board; monetary policy; VAR; Bulgaria; GIRF;

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