Some New Insights into Monetary Transmission Mechanism in Bulgaria
AbstractThe 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 InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 24 (2009)
Issue (Month): ()
currency board; monetary policy; VAR; Bulgaria; GIRF;
Find related papers by JEL classification:
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- 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
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