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Monetary Regimes and EU Accession: Comparing Bulgaria and Romania

Author

Listed:
  • Nikolay Nenovsky

    (LE STUDIUM - LE STUDIUM Loire Valley Institute for Advanced Studies - BRGM - Bureau de Recherches Géologiques et Minières - INRA - Institut National de la Recherche Agronomique - CEMAGREF - Centre national du machinisme agricole, du génie rural, des eaux et forêts - CEA - Commissariat à l'énergie atomique et aux énergies alternatives - INSERM - Institut National de la Santé et de la Recherche Médicale - Institut de recherche pour le développement [IRD] : UR - CNRS - Centre National de la Recherche Scientifique, LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

  • Kiril Tochkov

    (TCU - Texas Christian University - University of Texas Christian)

  • Camélia Turcu

    (LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper traces the origins of the different monetary regimes adopted in Bulgaria and Romania in 1996-97 and examines their performance during the EU accession. The findings indicate that the constraints of the currency board in Bulgaria shifted economic activity towards the private sector, while the discretionary policies in Romania turned public finances into both a contributor and a response mechanism to economic imbalances. While the prospects of EU accession initially enhanced the performance of the monetary anchors, the implicit insurance of EU membership increased moral hazard and led to a rapid rise in private and public debt. The paper also explores the historical parallels between the monetary regimes of Bulgaria and Romania in 1996-97 and 1925-1940.

Suggested Citation

  • Nikolay Nenovsky & Kiril Tochkov & Camélia Turcu, 2013. "Monetary Regimes and EU Accession: Comparing Bulgaria and Romania," Post-Print halshs-00830086, HAL.
    • Handle: RePEc:hal:journl:halshs-00830086
    DOI: 10.1016/j.postcomstud.2012.12.002
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