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From a currency board to the euro: Public attitudes toward unilateral euroization in Bulgaria

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  • Neven T. Valev

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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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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp736.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp736.

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Length: pages
Date of creation: 01 Jan 2005
Date of revision:
Handle: RePEc:wdi:papers:2005-736

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

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  1. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
  2. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa40.
  3. 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.
  4. Boris Vujcic, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 159-176, March.
  5. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May.
  6. Vladimir Klyuev, 2002. "Exchange Rate Regime Choice in Central and Eastern European Transitional Economies," Comparative Economic Studies, Palgrave Macmillan, vol. 44(4), pages 85-117, December.
  7. 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.
  8. 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.
  9. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
  10. 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.
  11. Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July.
  12. Thomas D. Willett, . "Some Political Economy Aspects of EMU," Claremont Colleges Working Papers 2000-17, Claremont Colleges.
  13. 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.
  14. 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.
  15. Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan, vol. 43(1), pages 53-74, April.
  16. 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.
  17. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
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Cited by:
  1. Steven Buigut, 2008. "Determinants of the Public's Preference for a Referendum on Monetary Union," Economics Bulletin, AccessEcon, vol. 6(46), pages 1-7.
  2. repec:ebl:ecbull:v:6:y:2008:i:46:p:1-7 is not listed on IDEAS

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