Korhonen, Iikka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 1999
-ade. Among transition economies, Estonia first introduced a currency board in 1992, followed by Lithuania in 1994 and Bulgaria in … Estonia and Lithuania, the present exchange rate system has been ac-companied by strong real appreciation of the currency …. Both in Estonia and Lithuania the present exchange rate system has been accompanied by strong real appreciation of the …