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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 and 
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.
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