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Dependent Monetary Regimes in Post-Communist Balkan Periphery: Currency Boards in Bulgaria and Bosnia and Herzegovina

Eric Magnin (eric.magnin@u-paris.fr) and Nikolay Nenovsky
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Eric Magnin: University Paris Cité

Chapter Chapter 6 in Diversity of Capitalism in Central and Eastern Europe, 2022, pp 109-132 from Springer

Abstract: Abstract In this chapter, we present in a comparative perspective the post-communist economic development of the CEE countries and the Balkans, as well as the central place of the monetary regime in the overall institutional dynamics. Currency boards and official euroization in the countries of the Balkan region have been reconstructed from the standpoint of the model of dependent capitalism and dependent monetary regime. They are a kind of extreme, archetypal form of monetary dependence. The introduction and functioning of Currency boards in Bulgaria and Bosnia and Herzegovina, as well as the euro (DM) as legal tender in Montenegro and Kosovo, are studied. Currency boards and euroization clearly show the role of economic interests and power asymmetries both between actors within countries and between national and international interest groups, the manifestation of geopolitical and geoeconomical dependencies and ambitions. In this chapter, we focus on Currency boards in Bulgaria and Bosnia and Herzegovina, and in the next on euroization of Montenegro and Kosovo.

Keywords: Currency Board; Bosnia and Herzegovina; Bulgaria; Economic crisis 1996/1997; Central bank of Bosnia and Herzegovina; Bulgarian National Bank; Monetary Dependence (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-04950-7_6

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DOI: 10.1007/978-3-031-04950-7_6

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