IDEAS home Printed from https://ideas.repec.org/a/aic/journl/y2010v57p217-234.html
   My bibliography  Save this article

Monetary Regimes In Post-Communist Countries Some Long-Term Reflections

Author

Listed:
  • Nikolay Nenovsky

    () (LEO, Université d’Orléans and ICER)

Abstract

This article offers an attempt at typologisation of the evolution of monetary regimes in post-communist countries (1990-2008), which is exceptionally varied by character. Two large groups have emerged: type 1 – countries, which started their reforms with a regime of fixed exchange rate and do-minating external sources of money supply, and type 2 – countries starting their reforms with a floating exchange rate and predominating internal sources of money supply. The first type is much more successful and appropriate for managing the problems of transition. Some other elements of ty-pologisation have also been suggested based on specific definitions of monetary system and monetary regime. The article also presents various approaches, which can explain the evolution of monetary re-gimes observed in the former socialist countries.

Suggested Citation

  • Nikolay Nenovsky, 2010. "Monetary Regimes In Post-Communist Countries Some Long-Term Reflections," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 57, pages 217-234, november.
  • Handle: RePEc:aic:journl:y:2010:v:57:p:217-234
    as

    Download full text from publisher

    File URL: http://anale.feaa.uaic.ro/anale/resurse/fin11nenovsky.pdf
    Download Restriction: no

    File URL: http://anale.feaa.uaic.ro/anale/ro/Arhiva%202010n-Nenovsky/351
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Petrovic, Pavle & Mladenovic, Zorica, 2000. "Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 785-806, November.
    2. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
    3. Damjan Kozamernik, 2004. "The ERM II issues: An interpretation of the Slovenian approach," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 32(4), pages 268-279, December.
    4. Feige, Edgar L. & Urban, Ivica, 2008. "Measuring underground (unobserved, non-observed, unrecorded) economies in transition countries: Can we trust GDP?," Journal of Comparative Economics, Elsevier, vol. 36(2), pages 287-306, June.
    5. Nikolay Nenovsky, 2006. "Monetary Convergence on the Road to EMU: Conceptual Issues for Eastern Europe," ICER Working Papers 35-2006, ICER - International Centre for Economic Research.
    6. Leszek Balcerowicz, 2006. "Enlargement, the Lisbon Agenda, and the Economic Development of Member States," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(3), pages 261-273, September.
    7. Jeffry Frieden & David Leblang & Neven Valev, 2010. "The political economy of exchange rate regimes in transition economies," The Review of International Organizations, Springer, vol. 5(1), pages 1-25, March.
    8. Thorsten Beck & Luc Laeven, 2006. "Institution building and growth in transition economies," Journal of Economic Growth, Springer, vol. 11(2), pages 157-186, June.
    9. Kocenda, Evzen, 2001. "Macroeconomic Convergence in Transition Countries," Journal of Comparative Economics, Elsevier, vol. 29(1), pages 1-23, March.
    10. Hochreiter, Eduard & Tavlas, George S., 2004. "On the road again: an essay on the optimal path to EMU for the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 793-816, October.
    11. Peter Backé & Christian Thimann & Olga Arratibel & Oscar Calvo-Gonzalez & Arnaud Mehl & Carolin Nerlich, 2004. "The acceding countries’ strategies towards ERM II and the adoption of the euro - an analytical review," Occasional Paper Series 10, European Central Bank.
    12. Hans Genberg & Alexander K. Swoboda, 2005. "Exchange Rate Regimes: Does What Countries Say Matter?," IMF Staff Papers, Palgrave Macmillan, vol. 52(si), pages 1-8.
    13. Helmut Stix, 2008. "Euroization: What Factors drive its Persistence?," Working Papers 140, Oesterreichische Nationalbank (Austrian Central Bank).
    14. Schuler, Kurt, 1999. "The Problem with Pegged Exchange Rates," Kyklos, Wiley Blackwell, vol. 52(1), pages 83-102.
    15. K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2002. "Comparing institutional and organizational design of Currency Boards in transition countries," Post-Print halshs-00259880, HAL.
    16. Frommel, Michael & Schobert, Franziska, 2006. "Exchange rate regimes in Central and East European countries: Deeds vs. words," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 467-483, September.
    17. Bernard Chavance, 2008. "Formal and Informal Institutional Change : the Experience of Postsocialist Transformation," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 5(1), pages 57-71, June.
    18. Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008. "The classification and performance of alternative exchange-rate systems," European Economic Review, Elsevier, vol. 52(6), pages 941-963, August.
    19. Pelinescu, Elena & Caraiani, Petre, 2006. "Does the Inflation Targeting Have a Positive Role upon the Convergence of the Inflation Rate?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 3(3), pages 39-50, September.
    20. Polterovich, Victor, 2007. "Institutional Trap," MPRA Paper 20595, University Library of Munich, Germany.
    21. Nikolay Nenovsky & Yorgos Rizopoulos, 2004. "Peut-on mesurer le changement institutionnel du régime monétaire ?," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 17-36.
    22. Arratibel, Olga & Martin, Reiner & Furceri, Davide, 2008. "Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?," Working Paper Series 929, European Central Bank.
    23. János Kornai, 2006. "Velká transformace střední a východní Evropy: úspěch a zklamání
      [The great transformation of central and eastern Europe: success and disappointment]
      ," Politická ekonomie, University of Economics, Prague, vol. 2006(4), pages 435-466.
    24. Nikolay Nenovsky & S. Statev, 2006. "Introduction," Post-Print halshs-00260898, HAL.
    25. Michael Berlemann & Nikolay Nenovsky, 2004. "Lending of First versus Lending of Last Resort: The Bulgarian Financial Crisis of 1996/19971," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 46(2), pages 245-271, June.
    26. Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 203-222.
    27. Nikolaynenovsky Kalinhristov & Mihail Mihaylov, 2002. "Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries," Eastern European Economics, Taylor & Francis Journals, vol. 40(1), pages 6-35, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dimiter Ialnazov & Nikolay Nenovsky, 2011. "A Game Theory Interpretation of the Post-Communist Evolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(1), pages 41-56.
    2. 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.
    3. Petar Chobanov & Amine Lahiani & Nikolay Nenovsky, 2011. "Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    4. Dimiter IALNAZOV & Nikolay NENOVSKY, 2010. "The Evolution of Post-Communist Countries: An Interpretation from the Perspective of Cooperation," LEO Working Papers / DR LEO 1600, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    5. Zina V.MARCU căs. CIORAN, 2013. "Monetary Policy And The Inflation Targeting Strategy," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 2, pages 167-173, October.
    6. repec:cmj:journl:y:2013:i:29:cioran is not listed on IDEAS
    7. Nikolay Nenovsky, 2010. "The Bulgarian Economic Thought since 1989: A Personal View," ICER Working Papers 21-2010, ICER - International Centre for Economic Research.

    More about this item

    Keywords

    monetary regimes; post-communist countries; comparative economics;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • P2 - Economic Systems - - Socialist Systems and Transition Economies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aic:journl:y:2010:v:57:p:217-234. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sireteanu Napoleon-Alexandru). General contact details of provider: http://edirc.repec.org/data/feaicro.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.