Diversity of Monetary Regimes and Reactions to the Pandemic Crisis: Bulgaria, Romania, and Serbia Compared

Nikolay Nenovsky (), Cornelia Sahling and Petar Pandushev Chobanov

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Abstract: This chapter analyses to what extent the type of monetary regime in three Balkans countries (Bulgaria, Romania, and Serbia) determines the scope and nature of reactions to the pandemic crisis in the short run (providing liquidity to different sectors) and considers the possibilities for a long-term recovery. A comparative perspective is particularly suitable for the Balkan countries with great institutional diversity of the monetary regimes. In particular, the two members of the EU, Bulgaria and Romania, have been following different principles of monetary regimes for decades (Currency Board versus discretionary Monetary Policy). Both Bulgaria and Romania follow closely the ECB monetary policy. Serbia, which is outside the EU, is not affected by the constraints of European integration and actually has its independent monetary policy (although the Euro is also an important external anchor).

Keywords: Monetary Base; Quantitative Easing (QE); Inflation Targeting; Open Market Operations (OMO); Monetary Sovereignty; European Exchange Rate Mechanism II (ERM II) (search for similar items in EconPapers)
Date: 2020
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Published in P. Kostis, Ed. Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth, IGI Global, pp.276-296, 2020

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03830588

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