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Les caisses d’émission des Pays Baltes et de la Bulgarie : la recherche d’une crédibilité renforcée

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  • Guergana Stanoeva

Abstract

[fre] Cette étude concerne le système du currency board (CB) instauré en Estonie, Lituanie et Bulgarie. Le . CB est considéré comme la forme la plus extrême d'un régime de change fixe. La différence essentielle entre un régime de change fixe mais ajustable et un régime de CB se trouve dans la plus haute crédibilité de ce dernier. Voilà pourquoi l'auteur tente de faire une analyse comparative en termes de « crédibilité initiale », « crédibilité institutionnelle » et « crédibilité opérationnelle » des trois pays concernés. Les résultats montrent que le CB le plus crédible est celui de l'Estonie. . Classification JEL : F31, P24, P52 [eng] The currency board arrangements of the Baltic countries and Bulgaria : in search of higher credibility . This article studies the currency board arrangements of Estonia, Lithuania and Bulgaria. Currency boards (CBs) are considered as the most extreme form of fixed exchange rate regimes. The essential difference between the CBs and the fixed but adjustable exchange rate regimes lies in the presumably higher credibility of currency boards. That is why we carry out a comparative analysis in terms of « initial credibility », « institutional credibility » and « operational credibility » of the CBs in the East European countries. The results show that the Estonian Currency Board is the most credible of the three. . Classification JEL : F31, P24, P52

Suggested Citation

  • Guergana Stanoeva, 2004. "Les caisses d’émission des Pays Baltes et de la Bulgarie : la recherche d’une crédibilité renforcée," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 85-112.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4895
    DOI: 10.3406/ecofi.2004.4895
    Note: DOI:10.3406/ecofi.2004.4895
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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