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From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1

  • Neven T Valev

    ()

    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, PO Box 3992, Atlanta, GA 30302-3992, USA.)

Bulgaria has operated a currency board since 1997. It is expected to join the European Union in 2007 and the European Monetary Union (EMU) thereafter. This paper analyses public attitudes toward adoption of the euro in advance of EMU membership and offers unique evidence on the political economy of a move from a currency peg to euroisation The support for early euroisation reflects concerns about currency devaluation and the perception that the euro is already widely used in the economy. The opposition derives primarily from attachment to the national currency. Comparative Economic Studies (2006) 48, 480–496. doi:10.1057/palgrave.ces.8100124

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Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 48 (2006)
Issue (Month): 3 (September)
Pages: 480-496

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Handle: RePEc:pal:compes:v:48:y:2006:i:3:p:480-496
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  1. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa40.
  2. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May.
  3. 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.
  4. Neven Valev & John A. Carlson, 2004. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0424, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  5. Boris Vujcic, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 159-176, March.
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  8. 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.
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  10. 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.
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