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EU enlargement and monetary regimes from the insurance model perspective

Author

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  • Nikolay Nenovsky
  • Patrick Villieu

Abstract

It is widely observed and recognised that economic behaviour in the post-communist countries changed after these countries joined the European Union. The insurance model of currency crises proposed by Dooley, after being modified and interpreted within a broader conceptual meaning, provides good possibilities for analysing the whole process of post-communist transformation and EU accession. This article offers an empirical illustration of the theoretical model using the examples of Bulgaria and Romania. These two Balkan countries, the latest members of the EU (since 2007), have radically different monetary regimes -- respectively a currency board and inflation targeting.

Suggested Citation

  • Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
  • Handle: RePEc:taf:pocoec:v:23:y:2011:i:4:p:433-447
    DOI: 10.1080/14631377.2011.622563
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    References listed on IDEAS

    as
    1. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-272, January.
    2. Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
    3. Anne Lavigne & Patrick Villieu, 1996. "La politique monétaire : nouveaux enjeux, nouveaux débats," Post-Print halshs-00250586, HAL.
    4. Aizenman, Joshua & Marion, Nancy, 2002. "Reserve Uncertainty and the Supply of International Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(3), pages 631-649, August.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. 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.
    2. Nikolay Nenovsky & Patrick Villieu, 2011. "EU enlargement and monetary regimes from the insurance model perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 23(4), pages 433-447, May.
    3. repec:taf:pocoec:v:28:y:2016:i:1:p:108-127 is not listed on IDEAS
    4. Jean-Louis Combes & Alexandru Minea & Lavinia Mustea & Thierry Yogo, 2016. "Output effects of fiscal stimulus in Central and Eastern European countries," Post-Communist Economies, Taylor & Francis Journals, vol. 28(1), pages 108-127, January.
    5. Tiwari, Aviral Kumar & Mutascu, Mihai & Andries, Alin Marius, 2013. "Decomposing time-frequency relationship between producer price and consumer price indices in Romania through wavelet analysis," Economic Modelling, Elsevier, vol. 31(C), pages 151-159.
    6. Tsvetelina Marinova, 2016. "Comparative Study on Monetary and Fiscal Policy in the Eurozone and Bulgaria," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 367-378, September.
    7. Nenovsky, Nikolay & MIlev, Jeko, 2014. "Bulgarian Welfare System (1989 – 2014) During the Transition and the Crisis," MPRA Paper 62039, University Library of Munich, Germany, revised 2014.

    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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