Monetary Regimes in Post-Communist Countries. Some Long-Term Reflections
AbstractThis article offers an attempt at typologisation of the evolution of monetary regimes in post-communist countries (1990-2008), which is exceptionally varied by character. Two large groups have emerged: type 1 – countries, which started their reforms with a regime of fixed exchange rate and dominating external sources of money supply, and type 2 – countries starting their reforms with a floating exchange rate and predominating internal sources of money supply. The first type is much more successful and appropriate for managing the problems of transition. Some other elements of typologisation have also been suggested based on specific definitions of monetary system and monetary regime. The article also presents various approaches, which can explain the evolution of monetary regimes observed in the former socialist countries.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Agency for Economic Analysis and Forecasting in its series Working paper series with number 12009en.
Length: 24 pages
Date of creation: 2009
Date of revision:
monetary regimes; post-communist countries; comparative economics;
Other versions of this item:
- Nikolay Nenovsky, 2010. "Monetary Regimes In Post-Communist Countries Some Long-Term Reflections," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 57, pages 217-234, november.
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- P2 - Economic Systems - - Socialist Systems and Transition Economies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-30 (All new papers)
- NEP-CBA-2010-01-30 (Central Banking)
- NEP-IFN-2010-01-30 (International Finance)
- NEP-MAC-2010-01-30 (Macroeconomics)
- NEP-MON-2010-01-30 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Feige, Edgar L. & Urban, Ivica, 2008.
"Measuring underground (unobserved, non-observed, unrecorded) economies in transition countries: Can we trust GDP?,"
Journal of Comparative Economics,
Elsevier, vol. 36(2), pages 287-306, June.
- Edgar L. Feige & Ivica Urban, 2008. "Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?," William Davidson Institute Working Papers Series wp913, William Davidson Institute at the University of Michigan.
- Feige, Edgar L. & Urban, Ivica, 2007. "Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?," MPRA Paper 7345, University Library of Munich, Germany.
- Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
- Michael Berlemann & Nikolay Nenovsky, 2004. "Lending of First versus Lending of Last Resort: The Bulgarian Financial Crisis of 1996/19971," Comparative Economic Studies, Palgrave Macmillan, vol. 46(2), pages 245-271, June.
- Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008.
"The classification and performance of alternative exchange-rate systems,"
European Economic Review,
Elsevier, vol. 52(6), pages 941-963, August.
- George Tavlas & Harris Dellas & Alan Stockman, 2008. "The Classification and Perfomance of Alternative Exchange-Rate Systems," Working Papers 90, Bank of Greece.
- Pelinescu, Elena & Caraiani, Petre, 2006. "Does the Inflation Targeting Have a Positive Role upon the Convergence of the Inflation Rate?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 3(3), pages 39-50, September.
- Helmut Stix, 2008. "Euroization: What Factors drive its Persistence?," Working Papers 140, Oesterreichische Nationalbank (Austrian Central Bank).
- Yorgos Rizopoulos & Nikolay Nenovsky, 2004. "Peut-on mesurer le changement institutionnel du régime monétaire ?," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 17-36.
- Hans Genberg & Alexander K. Swoboda, 2004.
"Exchange-Rate Regimes: "Does What Countries Say Matter?","
IHEID Working Papers
07-2004, Economics Section, The Graduate Institute of International Studies.
- Hans Genberg & Alexander K. Swoboda, 2005. "Exchange Rate Regimes: Does What Countries Say Matter?," IMF Staff Papers, Palgrave Macmillan, vol. 52(si), pages 8.
- Leszek Balcerowicz, 2006. "Enlargement, the Lisbon Agenda, and the Economic Development of Member States," Atlantic Economic Journal, International Atlantic Economic Society, vol. 34(3), pages 261-273, September.
- Beck, T.H.L. & Laeven, L., 2006.
"Institution building and growth in transition economies,"
Open Access publications from Tilburg University
urn:nbn:nl:ui:12-4295080, Tilburg University.
- Beck, Thorsten & Laeven, Luc, 2005. "Institution building and growth in transition economies," Policy Research Working Paper Series 3657, The World Bank.
- Beck, Thorsten & Laeven, Luc, 2006. "Institution Building and Growth in Transition Economies," CEPR Discussion Papers 5718, C.E.P.R. Discussion Papers.
- Nikolay Nenovsky, 2006. "Monetary Convergence on the Road to EMU: Conceptual Issues for Eastern Europe," ICER Working Papers 35-2006, ICER - International Centre for Economic Research.
- Schuler, Kurt, 1999. "The Problem with Pegged Exchange Rates," Kyklos, Wiley Blackwell, vol. 52(1), pages 83-102.
- Kocenda, Evzen, 2001. "Macroeconomic Convergence in Transition Countries," Journal of Comparative Economics, Elsevier, vol. 29(1), pages 1-23, March.
- Nikolaynenovsky Kalinhristov & Mihail Mihaylov, 2002. "Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 40(1), pages 6-35, January.
- Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 203-222.
- Frommel, Michael & Schobert, Franziska, 2006. "Exchange rate regimes in Central and East European countries: Deeds vs. words," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 467-483, September.
- Polterovich, Victor, 2007. "Institutional Trap," MPRA Paper 20595, University Library of Munich, Germany.
- Bernard Chavance, 2008. "Formal and Informal Institutional Change : the Experience of Postsocialist Transformation," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 5(1), pages 57-71, June.
- Peter Backé & Christian Thimann & Olga Arratibel & Oscar Calvo-Gonzalez & Arnaud Mehl & Carolin Nerlich, 2004. "The acceding countries’ strategies towards ERM II and the adoption of the euro - an analytical review," Occasional Paper Series 10, European Central Bank.
- Arratibel, Olga & Furceri, Davide & Martin, Reiner, 2008. "Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?," Working Paper Series 0929, European Central Bank.
- Jeffry Frieden & David Leblang & Neven Valev, 2010. "The political economy of exchange rate regimes in transition economies," The Review of International Organizations, Springer, vol. 5(1), pages 1-25, March.
- János Kornai, 2006. "The great transformation of central and eastern Europe: success and disappointment," Politická ekonomie, University of Economics, Prague, vol. 2006(4), pages 435-466.
- Aslund,Anders, 2002.
Cambridge University Press, number 9780521801393, April.
- Hochreiter, Eduard & Tavlas, George S., 2004. "On the road again: an essay on the optimal path to EMU for the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 793-816, October.
- Petrovic, Pavle & Mladenovic, Zorica, 2000. "Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 785-806, November.
- Damjan Kozamernik, 2004. "The ERM II issues: An interpretation of the Slovenian approach," Atlantic Economic Journal, International Atlantic Economic Society, vol. 32(4), pages 268-279, December.
- repec:cmj:journl:y:2013:i:29:cioran is not listed on IDEAS
- Dimiter Ialnazov & Nikolay Nenovsky, 2010. "The evolution of post-communist countries: An interpretation from the perspective of cooperation," ICER Working Papers 03-2010, ICER - International Centre for Economic Research.
- Dimiter Ialnazov & Nikolay Nenovsky, 2011. "A Game Theory Interpretation of the Post-Communist Evolution," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(1), pages 41-56, March.
- Zina V.MARCU căs. CIORAN, 2013. "Monetary Policy And The Inflation Targeting Strategy," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 2, pages 167-173, October.
- Nikolay Nenovsky, 2010. "The Bulgarian Economic Thought since 1989: A Personal View," ICER Working Papers 21-2010, ICER - International Centre for Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kiril Vassilev).
If references are entirely missing, you can add them using this form.