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The Nonorthodox Currency Boards: The Case of Bulgaria

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Author Info

  • Nenovsky, N.
  • Hristov, K.

Abstract

In recent years a number of countries have introduced currency boards (CB). The new generation currency boards, which is gaining swing and popularity, preserves to different degrees the central bank's ability to perform the lender of last resort function (LOLR) and leaves room for intervention in case of systemic risk. Central bank flexibility was preserved in different forms in HongKong, Argentina, Estonia, Lithuania and Bulgaria. The major questions that need answers are: (1) which are the new channels of monetary policy; (2) does an orthodox self-regulating mechanism work with second generation currency boards; (3) how are disequilibria in the economy adjusted? The theoretical hypotheses presented are checked empirically based on Bulgarian data.

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Bibliographic Info

Paper provided by Ecole des Hautes Etudes Commerciales de Montreal- in its series Papers with number 2001-01.

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Length: 18 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:fth:etcomo:2001-01

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Postal: Canada; ECOLE DES HAUTES ETUDES COMMERCIALES (H.E.C.), 5255 DECELLES MONTREAL H3T 1V6 QUEBEC
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Web page: http://www.hec.ca/
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Related research

Keywords: CURRENCIES ; CENTRAL BANKS ; RISK;

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Cited by:
  1. Nikolay Nenovsky, 2001. "The Currency Board in Estonia, Lithuania and Bulgaria: Comparative Analysis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 24-45.
  2. Raúl de Arriba Bueno, 2006. "Private or Market Economy in Bulgaria? An Institutional Approach to the Bulgarian Transition," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 71-89.

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