Some New Insights into Currency Boards: Evidence from Bulgaria

Alexandru Minea and Christophe Rault

No wp903, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: 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.

Keywords: Currency Board; monetary policy; SVAR; Bulgaria. (search for similar items in EconPapers)
JEL-codes: E42 E52 (search for similar items in EconPapers)
Pages: pages
Date: 2008-01-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Some New Insights Into Currency Boards: Evidence from Bulgaria (2008)
Working Paper: Some New Insights Into Currency Boards: Evidence from Bulgaria (2008)
Working Paper: Some New Insights into Currency Boards: Evidence from Bulgaria (2008)
Working Paper: Some New Insights into Currency Boards: Evidence from Bulgaria (2008)
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