The Nonorthodox Currency Boards: The Case of Bulgaria

Nikolay Nenovsky () and Kalin Dimitrov Hristov ()

Working Papers from Ecole des Hautes Etudes Commerciales de Montreal-

Abstract: In recent years a number of countries have introduced currency boards (CB). The new generation currency boards, which is gaining swing and popularity, preserves to different degrees the central bank's ability to perform the lender of last resort function (LOLR) and leaves room for intervention in case of systemic risk. Central bank flexibility was preserved in different forms in HongKong, Argentina, Estonia, Lithuania and Bulgaria. The major questions that need answers are: (1) which are the new channels of monetary policy; (2) does an orthodox self-regulating mechanism work with second generation currency boards; (3) how are disequilibria in the economy adjusted? The theoretical hypotheses presented are checked empirically based on Bulgarian data.

Keywords: CURRENCIES; CENTRAL BANKS; RISK (search for similar items in EconPapers)
JEL-codes: E58 F33 F31 (search for similar items in EconPapers)
Date: 2001

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:fth:etcomo:2001-01

Access Statistics for this paper

More papers in Working Papers from Ecole des Hautes Etudes Commerciales de Montreal-
Address: Canada; ECOLE DES HAUTES ETUDES COMMERCIALES (H.E.C.), 5255 DECELLES MONTREAL H3T 1V6 QUEBEC
Contact information at EDIRC.
Series data maintained by Thomas Krichel ().