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...

The paper explores the possibilities to measure the institutional change in the monetary field. A political economy theoretical framework is built up, where the change of the monetary regime is analyzed as the outcome of the debtors - creditors interactions. In this perspective, the value of...

This study analyses bank lending in the larger context of bank-firm relations within the Bulgarian specificity of currency board. It focuses on the ‘intersection’ of credit supply and demand on the side of banks and firms simultaneously. We suggest both traditional and new hypotheses...

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...

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. While being widely neglected by the financial crisis literature and the international discussion we argue that the Bulgarian Financial Crisis might serve as an illustrative example...

La comparaison des politiques économiques adoptées par la Roumanie et la Bulgarie de la fin du régime communiste à la période récente fait ressortir les divergences qui distinguent les deux pays voisins balkaniques. Un accent particulier est mis sur l’évolution de leurs politiques...

This paper makes a comparative analysis between two unique theories of international trade and protectionism which emerged in Bulgaria and Romania during the period between the two World Wars as a response to the specific economic environment and the spread of economic ideas coming from...

L’objet principal de cet article est de comprendre comment les économistes bulgares ont interprété la Grande Dépression, c’est-à-dire, de mettre en évidence les modèles théoriques qu’ils ont utilisé et les solutions qu’ils ont défendu. Plus particulièrement on cherchera (i) à...

When the first phase of the crisis focused primarily on the interbank market volatility, the second phase spread on the instability of public finance. Although the overall stance of public finances of the new members is better than the old member countries, the differences within the new group...