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Some New Insights into Currency Boards: Evidence from Bulgaria

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Author Info
Alexandru Minea ()
Christophe Rault ()

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Abstract

The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission, since a CB implies no monetary autonomy. Using the SVAR technique according to the statistical properties of macroeconomic time series, we propose evidence sustaining the endogeneity of main Bulgarian monetary aggregates to shocks on the ECB interest rate. These results shed a new perspective over CB functioning.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp903.pdf
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Publisher Info
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 wp903.

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Date of creation: 01 Jan 2008
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Handle: RePEc:wdi:papers:2008-903

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Related research
Keywords: Currency Board; monetary policy; SVAR; Bulgaria.;

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

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This page was last updated on 2009-11-19.

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