Despite their progress Bulgaria and Romania significantly differ from the EU economies. In this article, on the basis of the theoretical and empirical achievements of the theory of optimal and (endogenous) currency areas we study to what extent the two South European economies are able to adopt...

Despite their progress Bulgaria and Romania significantly differ from the EU economies. In this article, on the basis of the theoretical and empirical achievements of the theory of optimal and (endogenous) currency areas we study to what extent the two South European economies are able to adopt...

[fre] Cet article a pour objet d'évaluer le comportement des banques commerciales dans un système à règlement brut où la liquidité intrajournalière est sécurisée par des titres. L'article est organisé en deux parties. La première partie traite du principe de la sécurisation et de ses...

International bank credit is a major way for emerging countries to finance development and growth. The aim of this article is to study the impact of the Basel capital requirements in developed countries on the nature of the bank foreign claims towards emerging debtors. We find evidence that...

International banking credit is a major way for emerging countries to finance development and growth. The aim of this article is to study the responsibility of the Basle capital requirements in developed countries in the nature of the banking foreign claims towards emerging debtors. We find...

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. However, in comparison to the Asian, the Russian or the recent Tango Crisis the Bulgarian Crisis did arouse relatively low international interest. We argue that the Bulgarian...

The importance of analysing inflation sources and dynamics in Bulgaria is imposed by (i) the long run process of price and inflation convergence to the Euro area and (ii) by the Currency Board operating in the country. In this study we make an attempt to estimate Balassa - Samuelson (BS) effect...

It is often maintained that currency boards (CBs) and gold standards (GSs) are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of automatic adjustment (non discretionary) mechanism. This article...