Register  |  Login  |  Inquiries  |  Sitemap |  
Advanced Search
Journal of Economic Integration 2009 September;24(3) :563-595.
DOI: https://doi.org/10.11130/jei.2009.24.3.563
Some New Insights into Monetary Transmission Mechanism in Bulgaria

Alexandru Minea Christophe Rault 

University of Auvergne
University of Orléans
Copyright ©2009 Journal of Economic Integration
ABSTRACT

The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission. Using a generalized impulse response analysis, we propose evidence based on the estimation of VAR models supporting the endogeneity of main Bulgarian monetary aggregates, in response to shocks on the ECB interest rate. These results, together with the analysis of the behavior of real variables, shed a new perspective on the CB functioning of Bulgaria.

JEL Classification: C52, E42, E52

Keywords: currency board | monetary policy | VAR | Bulgaria | GIRF
 
REFERENCE
1. Babich, V.(2001), "Monetary Transmission in Latvia", Baltic Economic Trends, 2, pp.16-27.
2. Bems, R.(2001), "The Monetary Transmission Mechanisms in the Baltic States: Introduction", Baltic Economic Trends, 2, pp.3-6.
TOOLS
PDF Links  PDF Links
Full text via DOI  Full text via DOI
Download Citation  Download Citation
  Print
Share:      
METRICS
5
Crossref
0
Scopus
3,976
View
27
Download
Editorial Office
Center for Economic Integration, Sejong University, 209, Neungdong-Ro, Gwangjin-Gu,
Seoul, 05006, Korea
TEL : +82-2-3408-3338    FAX : +82-2-6935-2492   E-mail : editorial.office@e-jei.org
Browse Articles |  Current Issue |  For Authors and Reviewers |  About
Copyright© by Center for Economic Integration.      Developed in M2PI