Money Market Liquidity under Currency Board ??? Empirical Investigations for Bulgaria
Over the last years the efficiency and existence of an automatic adjustment mechanism of currency boards are in the centre of economic discussions. This study is intended to provide an empirical analysis of the volume and interest rate of unsecured overnight deposits at Bulgarian interbank market. Three empirical models are developed in order to explain the behaviour of demand, supply and interest rates. The impact of reserve requirements, operations connected with government budget, transactions in reserve currency (Euro) and some seasonal factors is discussed. The developments of interest rates and volumes are well captured by the employed variables and their statistically significant signs coincide with the theoretical literature.
|Date of creation:||01 May 2004|
|Date of revision:|
|Contact details of provider:|| Postal: 724 E. University Ave, Wyly Hall 1st Flr, Ann Arbor MI 48109|
Phone: 734 763-5020
Fax: 734 763-5850
Web page: http://www.wdi.umich.edu
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001.
"Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania,"
Journal des Economistes et des Etudes Humaines,
De Gruyter, vol. 11(4), pages 1-44, December.
- Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00260066, HAL.
- K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00259892, HAL.
- K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00259886, HAL.
- Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
- Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April.
- K. Hristov & Nikolay Nenovsky, 2002. "New Currency Boards and Discretion. The empirical Evidence from Bulgaria," Post-Print halshs-00259875, HAL.
When requesting a correction, please mention this item's handle: RePEc:wdi:papers:2004-693. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Laurie Gendron)
If references are entirely missing, you can add them using this form.