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Some New Insights into Currency Boards: Evidence from Bulgaria

  • Alexandru Minea


  • Christophe Rault


The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission, since a CB implies no monetary autonomy. Using the SVAR technique according to the statistical properties of macroeconomic time series, we propose evidence sustaining the endogeneity of main Bulgarian monetary aggregates to shocks on the ECB interest rate. These results shed a new perspective over CB functioning.

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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 wp903.

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Length: pages
Date of creation: 01 Jan 2008
Date of revision:
Handle: RePEc:wdi:papers:2008-903
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