Macroeconomic Policy Coordination Approach under Currency Board Arrangements in Bulgaria

Dimitar Zlatinov ()
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Dimitar Zlatinov: Sofia University St. Kliment Ohridski and Economic Research Institute at Bulgarian Academy of Sciences, Sofia, Bulgaria

Nauchni trudove, 2019, issue 5, 55-64

Abstract: The paper presents the logics and empirical results from testing an original approach for assessing the interaction between fiscal and monetary policies in Bulgaria in 2009-2016. Methodologically the approach is based on combinations of the budget balance and the reserve requirement ratio that satisfy pre-defined cross-sectional macroeconomic identities. Applying it we find that the monetary policy in Bulgaria is predominantly oriented to preserve the stability of the currency regime than stimulating real economy, while the government should find the delicate balance between maintaining the public sector stability and promoting economic development.

Keywords: macroeconomic policy coordination; policy mix; Currency Board Arrangements; cross-sectional macroeconomic identities; goals of fiscal and monetary policies (search for similar items in EconPapers)
JEL-codes: C5 E61 E63 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:natrud:y:2019:i:5:p:55-64

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