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

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  • Neven T Valev

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

Abstract

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

Suggested Citation

  • Neven T Valev, 2006. "From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(3), pages 480-496, September.
  • Handle: RePEc:pal:compes:v:48:y:2006:i:3:p:480-496
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    References listed on IDEAS

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    1. 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.
    2. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May.
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    7. Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 43(1), pages 53-74, April.
    8. Vladimir Klyuev, 2002. "Exchange Rate Regime Choice in Central and Eastern European Transitional Economies," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 44(4), pages 85-117, December.
    9. 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.
    10. Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July.
    11. Kinder, Donald R. & Kiewiet, D. Roderick, 1981. "Sociotropic Politics: The American Case," British Journal of Political Science, Cambridge University Press, vol. 11(02), pages 129-161, April.
    12. Thomas D. Willett, "undated". "Some Political Economy Aspects of EMU," Claremont Colleges Working Papers 2000-17, Claremont Colleges.
    13. Boris Vujcic, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 46(1), pages 159-176, March.
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    15. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    16. Neven T. Valev & John A. Carlson, 2007. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 10(2), pages 111-121.
    17. 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.
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    Cited by:

    1. repec:ebl:ecbull:v:6:y:2008:i:46:p:1-7 is not listed on IDEAS
    2. Steven Buigut, 2008. "Determinants of the Public's Preference for a Referendum on Monetary Union," Economics Bulletin, AccessEcon, vol. 6(46), pages 1-7.

    More about this item

    JEL classification:

    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • F3 - International Economics - - International Finance

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