Effective exchange rates of the Bulgarian Lev 1879-1939
The paper constructs the first series of nominal and real effective exchange rates of the Bulgarian Lev from its establishment in 1879 until 1939. The dynamics of both indicators during the Classical Gold Standard fits the general picture of exchange rate development of other European countries while their movements in the Interwar years reflects the exchange rate policy of the monetary authority and the price effects of the Great Depression. The study also provides econometric estimation of the impact of the real effective exchange rates and foreign demand on Bulgaria’s real export performance allowing for some policy implications.
|Date of creation:||May 2009|
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- Solomou, S. & Catao, L., 1998.
"Effective Exchange Rates, 1879-1913,"
Cambridge Working Papers in Economics
9814, Faculty of Economics, University of Cambridge.
- Ivanov, Martin & Tooze, Adam, 2007. "Convergence or Decline on Europe's Southeastern Periphery? Agriculture, Population, and GNP in Bulgaria, 1892 1945," The Journal of Economic History, Cambridge University Press, vol. 67(03), pages 672-703, September.
- Luci Ellis, 2001. "Measuring the Real Exchange Rate: Pitfalls and Practicalities," RBA Research Discussion Papers rdp2001-04, Reserve Bank of Australia.
- Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
- Kalina Dimitrova & Nikolay Nenovsky, 2006. "Exchange Rate and Inflation: France and Bulgaria in the Interwar Period," ICER Working Papers 34-2006, ICER - International Centre for Economic Research.
- Nikolay Nenovsky & Giovanni Pavanelli & Kalina Dimitrova, 2007. "Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives," ICER Working Papers 40-2007, ICER - International Centre for Economic Research.
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