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From a Currency Board to the Euro: Public Attitudes toward Unilateral Euroization in Bulgaria

Bulgaria has operated a currency board since 1997. It is expected to join the EU in 2007 and the EMU thereafter. This paper uses survey data to analyze public attitudes toward adoption of the euro in advance of EMU membership. Bulgarians are equally split in support for and opposition to euroization. The reasons to support euroization include the eliminated risk of currency devaluation and the perception that the euro is already widely used in the economy. The opposition derives from people’s attachment to the national currency and from concerns about the conversion costs involved in a switch to the euro.

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Paper provided by International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University in its series International Center for Public Policy Working Paper Series, at AYSPS, GSU with number paper0423.

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Length: 26 pages
Date of creation: 01 Nov 2004
Date of revision:
Handle: RePEc:ays:ispwps:paper0423
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  1. 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.
  2. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
  3. 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.
  4. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  5. Willett, Thomas D., 2000. "Some Political Economy Aspects of EMU," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 379-389, May.
  6. Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July.
  7. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
  8. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa40.
  9. D. Mario Nuti, 2002. "Costs and benefits of unilateral euroization in central eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 419-444, July.
  10. 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.
  11. 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.
  12. Jeffrey B Miller, 2001. "The Bulgarian Currency Board," Comparative Economic Studies, Palgrave Macmillan, vol. 43(1), pages 53-74, April.
  13. 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.
  14. Daniel Gros, 2002. "The euro for the Balkans?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 491-511, July.
  15. Thomas D. Willett, . "Some Political Economy Aspects of EMU," Claremont Colleges Working Papers 2000-17, Claremont Colleges.
  16. Boris Vujcic, 2004. "Euro adoption: views from the third row," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 159-176, March.
  17. 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.
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