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EU enlargement and monetary regimes from the insurance model perspective

Nikolay Nenovsky () and Patrick Villieu ()

Post-Communist Economies, 2011, vol. 23, issue 4, 433-447

Abstract: It is widely observed and recognised that economic behaviour in the post-communist countries changed after these countries joined the European Union. The insurance model of currency crises proposed by Dooley, after being modified and interpreted within a broader conceptual meaning, provides good possibilities for analysing the whole process of post-communist transformation and EU accession. This article offers an empirical illustration of the theoretical model using the examples of Bulgaria and Romania. These two Balkan countries, the latest members of the EU (since 2007), have radically different monetary regimes -- respectively a currency board and inflation targeting.

Date: 2011
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Working Paper: EU Enlargement and Monetary Regimes from the Insurance Model Perspectives (2010) Downloads
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