Monetary Regimes and EU Accession: Comparing Bulgaria and Romania
Nikolay Nenovsky (),
Kiril Tochkov () and
Camelia Romocea Turcu ()
Post-Print from HAL
This paper traces the origins of the different monetary regimes adopted in Bulgaria and Romania in 1996-97 and examines their performance during the EU accession. The findings indicate that the constraints of the currency board in Bulgaria shifted economic activity towards the private sector, while the discretionary policies in Romania turned public finances into both a contributor and a response mechanism to economic imbalances. While the prospects of EU accession initially enhanced the performance of the monetary anchors, the implicit insurance of EU membership increased moral hazard and led to a rapid rise in private and public debt. The paper also explores the historical parallels between the monetary regimes of Bulgaria and Romania in 1996-97 and 1925-1940.
Keywords: Post-communist transition; Monetary regimes; EU accession; Moral hazard; Interwar monetary history (search for similar items in EconPapers)
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00830086
References: Add references at CitEc
Citations: Track citations by RSS feed
Published in Communist and Post-Communist Studies, Elsevier, 2013, 46 (1), pp.13-23. ⟨10.1016/j.postcomstud.2012.12.002⟩
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Working Paper: Monetary Regimes and EU Accession: Comparing Bulgaria and Romania (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00830086
Access Statistics for this paper
More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().