Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (Groups of interest and monetary variables during the Currency Board introduction in Bulgaria)

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Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (Groups of interest and monetary variables during the Currency Board introduction in Bulgaria)

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Nikolay Nenovsky ()
Yorgos Rizopoulos ()

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Nikolay Nenov Nenovsky

Abstract

The paper explores the possibilities to measure the institutional change in the monetary field. A political economy theoretical framework is built up, where the change of the monetary regime is analyzed as the outcome of the debtors - creditors interactions. In this perspective, the value of some traditional monetary variables during the period before and after the introduction of the Currency Board in Bulgaria, in 1997, reveals the main actors' evolving relative positions.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number wp732.

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Date of creation: 01 Dec 2004
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Handle: RePEc:wdi:papers:2004-732

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Find related papers by JEL classification:
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
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-03-13 (All new papers)
NEP-CBA-2005-03-13 (Central Banking)
NEP-MAC-2005-03-13 (Macroeconomics)
NEP-MON-2005-03-13 (Monetary Economics)
NEP-POL-2005-03-13 (Positive Political Economics)
NEP-TRA-2005-03-13 (Transition Economics)

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Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March. [Downloadable!] (restricted)
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Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April. [Downloadable!] (restricted)
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Erik Berglof & Patrick Bolton, 2002. "The Great Divide and Beyond: Financial Architecture in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 77-100, Winter. [Downloadable!] (restricted)
Schotter, Andrew & Schwodiauer, Gerhard, 1980. "Economics and the Theory of Games: A Survey," Journal of Economic Literature, American Economic Association, vol. 18(2), pages 479-527, June. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
Commons, John R., 1931. "Institutional Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 21, pages 648-657. [Downloadable!]

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