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From a Currency Board to the Euro: Public Attitudes toward Unilateral Euroization in Bulgaria

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Author Info
Neven Valev () (International Studies Program. Andrew Young School of Policy Studies, Georgia State University)
Abstract

Bulgaria has operated a currency board since 1997. It is expected to join the EU in 2007 and the EMU thereafter. This paper uses survey data to analyze public attitudes toward adoption of the euro in advance of EMU membership. Bulgarians are equally split in support for and opposition to euroization. The reasons to support euroization include the eliminated risk of currency devaluation and the perception that the euro is already widely used in the economy. The opposition derives from people’s attachment to the national currency and from concerns about the conversion costs involved in a switch to the euro.

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Paper provided by International Studies Program, Andrew Young School of Policy Studies, Georgia State University in its series International Studies Program Working Paper Series, at AYSPS, GSU with number paper0423.

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Length: 26 pages
Date of creation: 01 Nov 2004
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Handle: RePEc:ays:ispwps:paper0423

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Related research
Keywords: Euroization; Dollarization; Euro; Survey Data; Bulgaria; Currency Boards;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. Neven T. Valev & John A. Carlson, 2004. "Beliefs about Exchange-Rate Stability: Survey Evidence From the Currency Board in Bulgaria," William Davidson Institute Working Papers Series 2004-705, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  2. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
  3. Neven Valev & John A. Carlson, 2004. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," International Studies Program Working Paper Series, at AYSPS, GSU paper0424, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  4. 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. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July. [Downloadable!] (restricted)
  9. Thomas D. Willett, . "Some Political Economy Aspects of EMU," Claremont Colleges Working Papers 2000-17, Claremont Colleges. [Downloadable!]
  10. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements. [Downloadable!]
  11. 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. [Downloadable!] (restricted)
  12. 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. [Downloadable!] (restricted)
  13. Boris Vujčić, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan Journals, vol. 46(1), pages 159-176, March. [Downloadable!] (restricted)
  14. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May. [Downloadable!] (restricted)
  15. 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. [Downloadable!] (restricted)
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