By introducing uncertainty, monetary volatility and economic volatility are said to make the
public cautious, hence increase their cash holdings or their demand for money. On the other …

An authoritative analysis that employs economic theory, cross-country empirical comparison,
and case studies to analyze the effect of currency boards on inflation, output growth and …

The introduction of the Currency Board in Bulgaria in July 1997 may be viewed as an
extreme institutional change of the monetary regime and as its discrete interruption. Bulgaria …

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to
a currency crisis. We argue that the Bulgarian Financial Crisis might serve as an illustrative …

This paper examines the efficiency of Bulgarian banks and its determinants over the period
1999-2007. The levels of technical, allocative, and cost efficiency are estimated using a …

Among the recent or revisited assumptions in the literature, the “dependent capitalism”
hypothesis has met growing interest and relevance in the context of the 2008 economic and …

Do currency boards offer protection against self-fulling speculative attacks? This paper
examines the credibility of currency boards of Argentina, Bulgaria, Estonia, Hong Kong …

One of the key elements of implementing the monetary policy is stability of the demand for
money. The literature includes a large number of studies that have tested the stability of the …

Currency boards have a long history, much of it in (mostly British) colonies and
dependencies, typically smaller and more open economies. The historical evidence …

Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This
paper aims at investigating if the adoption of the CB monetary system, which involves the …