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Selective Credit Controls And The Money Supply Process In Transitional Economies: The Case Of Bulgaria


  • Plamen Yossifov

    (Ph.D. Student in Economics, University of Delaware)


This paper develops an unified framework for analyzing the influence of both direct and indirect instruments of monetary control on the money supply process. The resulting formal model is then applied in the empirical evaluation of the effectiveness of credit ceilings in limiting the growth of domestic monetary aggregates in Bulgaria.

Suggested Citation

  • Plamen Yossifov, 2003. "Selective Credit Controls And The Money Supply Process In Transitional Economies: The Case Of Bulgaria," Macroeconomics 0302006, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0302006 Note: Type of Document - PDF; prepared on IBM PC; to print on PostScript; pages: 41 ; figures: included. MASTER'S PAPER

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    References listed on IDEAS

    1. Helmut Stix, 2001. "Survey Results about Foreign Currency Holdings in Five Central and Eastern European Countries," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(3), pages 41-48, February.
    2. Seitz, Franz, 1995. "The circulation of Deutsche Mark abroad," Discussion Paper Series 1: Economic Studies 1995,01e, Deutsche Bundesbank.
    3. Pablo E. Guidotti & Carlos A. Rodriguez, 1992. "Dollarization in Latin America: Gresham's Law in Reverse?," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 518-544, September.
    4. Feige, Edgar L, 1994. "The Underground Economy and the Currency Enigma," Public Finance = Finances publiques, , vol. 49(Supplemen), pages 119-136.
    5. Feige, Edgar L., 1997. "Revised estimates of the Underground Economy: Implications of US Currency held abroad," MPRA Paper 13805, University Library of Munich, Germany.
    6. Calvo, Guillermo & Vegh, Carlos, 1992. "Currency Substitution in Developing Countries: An Introduction," MPRA Paper 20338, University Library of Munich, Germany.
    7. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
    8. Edgar L. Feige & Michael Faulend & Velimir Sonje & Vedran Sosic, 2001. "Currency Substitution, Unoffical Dollarization and Estimates of Foreign Currency Held Abroad: The Case of Croatia," International Finance 0106001, EconWPA.
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    Cited by:

    1. Jeta Menkulasi & Lodewyk Erasmus & Jules Leichter, 2009. "Dedollarization in Liberia-Lessons From Cross-Country Experience," IMF Working Papers 09/37, International Monetary Fund.

    More about this item


    selective credit controls credit ceilings money multiplier;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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