Money demand during hyperinflation and stabilization: Bulgaria, 1991-2000

Stefka Slavova

Applied Economics, 2003, vol. 35, issue 11, 1303-1316

Abstract: The demand for money in Bulgaria is estimated over a ten-year period (1991-2000) of high inflation and inflation uncertainty. The paper distinguishes between three well-defined sub-periods: high, variable, but not systematically accelerating inflation from 1991 until April 1996; the near-hyperinflation period from May 1996 to February 1997; and the subsequent stabilization after the adoption of a currency board. The empirical analysis utilizes a standard methodology of cointegration and error correction. The functional determinants of the demand for money change during the different sub-periods. During the hyperinflation episode, Cagan's model is employed.

Date: 2003
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DOI: 10.1080/003684032000095398

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