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Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (Groups of interest and monetary variables during the Currency Board introduction in Bulgaria)

  • Nikolay Nenovsky

    ()

  • Yorgos Rizopoulos

    ()

The paper explores the possibilities to measure the institutional change in the monetary field. A political economy theoretical framework is built up, where the change of the monetary regime is analyzed as the outcome of the debtors - creditors interactions. In this perspective, the value of some traditional monetary variables during the period before and after the introduction of the Currency Board in Bulgaria, in 1997, reveals the main actors' evolving relative positions.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp732.pdf
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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp732.

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Length: pages
Date of creation: 01 Dec 2004
Date of revision:
Handle: RePEc:wdi:papers:2004-732
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  1. Raiser, M. & Di Tommaso, M.L. & Weeks, M., 2000. "The Measurement and Determination of Institutional Change: Evidence from Transition Economics," Cambridge Working Papers in Economics 0029, Faculty of Economics, University of Cambridge.
  2. Erik Berglof & Patrick Bolton, 2001. "The Great Divide and Beyond: Financial Architecture in Transition," William Davidson Institute Working Papers Series 414, William Davidson Institute at the University of Michigan.
  3. Andrei Shleifer & Daniel Treisman, 2001. "Without a Map: Political Tactics and Economic Reform in Russia," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692694, June.
  4. Nikolaynenovsky Kalinhristov & Mihail Mihaylov, 2002. "Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 40(1), pages 6-35, January.
  5. Commons, John R., 1931. "Institutional Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 21, pages 648-657.
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  8. J�nos Kornai, 2000. "What the Change of System from Socialism to Capitalism Does and Does Not Mean," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 27-42, Winter.
  9. Lee J. Alston & Andres Gallo, 2000. "Evolution and Revolution in the Argentine Banking System under Convertibility: The Roles of Crises and Path Dependence," NBER Working Papers 8008, National Bureau of Economic Research, Inc.
  10. Mancur Olson, Jr., 1995. "Why the Transition from Communism Is So Difficult," Eastern Economic Journal, Eastern Economic Association, vol. 21(4), pages 437-461, Fall.
  11. 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.
  12. Marie-Thérèse Camilleri Gilson, 2002. "Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards," OECD Economics Department Working Papers 330, OECD Publishing.
  13. Brian J. Loasby, 2000. "Market institutions and economic evolution," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 297-309.
  14. G�rard Roland, 2002. "The Political Economy of Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 29-50, Winter.
  15. Dorrucci, Ettore & Firpo, Stefano & Mongelli, Francesco Paolo & Fratzscher, Marcel, 2002. "European integration: what lessons for other regions? The case of Latin America," Working Paper Series 0185, European Central Bank.
  16. Peter Bernholz, 2001. "Monetary Constitution, Political-Economic Regime, and Long-Term Inflation," Constitutional Political Economy, Springer, vol. 12(1), pages 3-12, March.
  17. Schotter, Andrew & Schwodiauer, Gerhard, 1980. "Economics and the Theory of Games: A Survey," Journal of Economic Literature, American Economic Association, vol. 18(2), pages 479-527, June.
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