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Some New Insights into Monetary Transmission Mechanism in Bulgaria


  • Minea, Alexandru

    () (University of Auverg)

  • Rault, Christophe

    () (University of Orléans)


The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission. Using a generalized impulse response analysis, we propose evidence based on the estimation of VAR models supporting the endogeneity of main Bulgarian monetary aggregates, in response to shocks on the ECB interest rate. These results, together with the analysis of the behavior of real variables, shed a new perspective on the CB functioning of Bulgaria.

Suggested Citation

  • Minea, Alexandru & Rault, Christophe, 2009. "Some New Insights into Monetary Transmission Mechanism in Bulgaria," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 24, pages 563-595.
  • Handle: RePEc:ris:integr:0486

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    Cited by:

    1. Julius Stakenas & Rasa Stasiukynaite, 2016. "Monetary policy transmission: the case of Lithuania," Bank of Lithuania Working Paper Series 24, Bank of Lithuania.

    More about this item


    currency board; monetary policy; VAR; Bulgaria; GIRF;

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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