Some New Insights into Monetary Transmission Mechanism in Bulgaria

Alexandru Minea and Christophe Rault

Journal of Economic Integration, 2009, vol. 24, 563-595

Abstract:

The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission. Using a generalized impulse response analysis, we propose evidence based on the estimation of VAR models supporting the endogeneity of main Bulgarian monetary aggregates, in response to shocks on the ECB interest rate. These results, together with the analysis of the behavior of real variables, shed a new perspective on the CB functioning of Bulgaria.

Keywords: currency board; monetary policy; VAR; Bulgaria; GIRF (search for similar items in EconPapers)
JEL-codes: C52 E42 E52 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:0486

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