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EU Enlargement and Monetary Regimes from the Insurance Model Perspectives

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  • Nikolay Nenovsky

Abstract

Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forward an insurance model of currency crises, which after some modifications gives a good theoretical basis for explanation of the overall dynamics of the post communist transformation and diversity across countries and periods. The article analyses, within the framework of the insurance model, the role of monetary regimes (currency anchor) and EU enlargement (political and geostrategic anchor) and their relationships. The insurance game model not only contains an explanatory power, but it also has the potential to suggest a range of measures that could be useful in overcoming the "bad" dynamics, which we are witnessing today not only in the new member-states, but also EU-wide.

Suggested Citation

  • Nikolay Nenovsky, 2010. "EU Enlargement and Monetary Regimes from the Insurance Model Perspectives," William Davidson Institute Working Papers Series wp997, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:2010-997
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    File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/133010/1/wp997.pdf
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    References listed on IDEAS

    as
    1. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-272, January.
    2. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "Capital flows to central and Eastern Europe," Emerging Markets Review, Elsevier, vol. 8(2), pages 106-123, May.
    3. Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
    4. Anne Lavigne & Patrick Villieu, 1996. "La politique monétaire : nouveaux enjeux, nouveaux débats," Post-Print halshs-00250586, HAL.
    5. Aizenman, Joshua & Marion, Nancy, 2002. "Reserve Uncertainty and the Supply of International Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(3), pages 631-649, August.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Tsvetelina Marinova, 2015. "Challenges to the Monetary and Fiscal Policy in the Eurozone and Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 16-36.
    2. Jean-Louis Combes & Alexandru Minea & Lavinia Mustea & Thierry Yogo, 2016. "Output effects of fiscal stimulus in Central and Eastern European countries," Post-Communist Economies, Taylor & Francis Journals, vol. 28(1), pages 108-127, January.
    3. Tsvetelina Marinova, 2016. "Comparative Study on Monetary and Fiscal Policy in the Eurozone and Bulgaria," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 367-378, September.
    4. Nenovsky, Nikolay & MIlev, Jeko, 2014. "Bulgarian Welfare System (1989 – 2014) During the Transition and the Crisis," MPRA Paper 62039, University Library of Munich, Germany, revised 2014.
    5. Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
    6. Claudiu Tiberiu Albulescu & Cornel Oros & Aviral Kumar Tiwari, 2017. "Oil price–inflation pass-through in Romania during the inflation targeting regime," Applied Economics, Taylor & Francis Journals, vol. 49(15), pages 1527-1542, March.
    7. Tiwari, Aviral Kumar & Mutascu, Mihai & Andries, Alin Marius, 2013. "Decomposing time-frequency relationship between producer price and consumer price indices in Romania through wavelet analysis," Economic Modelling, Elsevier, vol. 31(C), pages 151-159.

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    More about this item

    Keywords

    post communist transformation; monetary regimes; insurance model of currency crisis;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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