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The Role Of The Currency Board In Bulgarias Stabilization
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Book Synopsis The Role of the Currency Board in Bulgaria's Stabilization by : Ms.Anne Marie Gulde
Download or read book The Role of the Currency Board in Bulgaria's Stabilization written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 1999-04-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the process leading to the choice of a currency board as a stabilization instrument, and its specific design. The use of a currency board was complicated and controversial because of serious structural problems, including a systemic banking crisis. It argues that the arrangement was well designed for the task at hand, combining a traditional rule-based exchange arrangement with a number of legal and structural measures to address the pressing bank sector and fiscal issues. In light of the interdependence of the measures, the success of Bulgaria’s currency board stabilization must be attributed to a combination of elements, of which the currency board was a crucial, but not the only determining factor. Structural problems, most notably in the banking sector, were equally severe. The banking crisis had been smoldering since at least 1995. A 1996 review found that out often state banks, which still accounted for more than 80 percent of banking sector assets, nine had negative capital and more than half of all state banks' portfolios were nonperforming.
Book Synopsis Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages by : Svetoslav Pintev
Download or read book Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages written by Svetoslav Pintev and published by diplom.de. This book was released on 2003-03-18 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Currency board arrangements, under which domestic currency can be issued only to the extent that it is fully covered by the central bank s holdings of foreign exchange, were long generally dismissed as throwbacks to the colonial era. It was argued that such a rigid, rule-based arrangement was not well suited to diversified economies in many of which the authorities had developed sophisticated skills in monetary management. Instead, currency boards were seen as desirable in very small open economies (such as city-states for example). In 1960, 38 countries or territories were operating under a currency board. By 1970, they were 20 and, by the late 1980s, only 9. In the last decade the interest for Currency Board Arrangement (hereinafter CBA) renewed because of its simplicity, transparency, and rule-bound character. It became evident after the successful efforts made by two transition economies-Estonia and Lithuania-which quickly managed to achieve credibility for their newly established currencies. In 1997, a currency board arrangement was introduced in Bulgaria to end the economic crisis. Soon after, Bosnia and Herzegovina followed. In 1998 there have been discussions on establishing a currency board arrangement in Russia. More recently the newly appointed Finance Minister of Poland initiated a debate on pegging the Polish zloty to the euro through a CBA. This paper previews the history of the colonial and modern currency boards and presents the benefits of such a system for the newly emerged transition economies in Eastern Europe and Bulgaria especially. First, we will present a brief description of the currency board system. Currency Board Arrangements after falling into oblivion during much of the post-war period, staged a remarkable comeback mainly in Central and Eastern Europe countries. Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina have introduced this particular monetary framework and as a result have managed to break inflationary inertia, to bolster the credibility of the monetary authorities and to instill macroeconomic discipline. Inhaltsverzeichnis:Table of Contents: I.Introduction 1.What is a currency board? 2.What a currency board is not? II.Origins of the Currency Board 1.Intellectual origin of the currency board system 2.Early Currency Board Systems 3.Decline of the Currency Board system. Reasons 4.Currency board system in nowadays III.Currency Board system and Countries in [...]
Book Synopsis Beliefs about Exchange-rate Stability by : Neven T. Valev
Download or read book Beliefs about Exchange-rate Stability written by Neven T. Valev and published by . This book was released on 2004 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of a Currency Board in Financial Crises by : Rumen Avramov
Download or read book The Role of a Currency Board in Financial Crises written by Rumen Avramov and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Argentina is Down! Bulgaria to Follow? Assessing the Stability of the Bulgarian Currency Board by : Kritonas Ilias Arsenis
Download or read book Argentina is Down! Bulgaria to Follow? Assessing the Stability of the Bulgarian Currency Board written by Kritonas Ilias Arsenis and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2002, Argentina was hit by a very severe economic crisis. This crisis was a result of the unsustainability of its Currency Board. It has been six years since Bulgaria decided to introduce its Currency Board. Since then, Bulgaria has gone a long way in stabilizing its economy and progressing in the negotiations for its accession to the European Union. One of the basic prerequisites for Bulgaria's accession is economic stability. Therefore, it is more than ever necessary to evaluate the sustainability of the Bulgarian Currency board and identify any required policy changes that would guarantee Bulgaria's economic stability and create the conditions for its accession to the European Union. The paper is based on studies of the effect of the introduction of the Currency Board on the vulnerability of Bulgaria to international contagions, of the real effective exchange rate and through it to the external and internal balance and finally the debt sustainability and of the vulnerability of its banking system. Unlike Argentina, Bulgaria has an exit strategy; its accession to the European Union. The question is whether Bulgaria will face a persistent negative shock that will make the Currency Board unsustainable earlier than its accession. In order to guaranty its sustainability until accession to the EU, the study shows, that a number of problems have to be tackled. The single most important recommendation of course is that if for any reason Bulgaria faces a persistent negative shock before entering the EU, it is very important for Bulgarian policy makers not to hesitate to abandon the Currency Board.
Book Synopsis The Currency Board in Bulgaria by : Dobrislav Dobrev
Download or read book The Currency Board in Bulgaria written by Dobrislav Dobrev and published by . This book was released on 1999-01-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of a Currency Board in Financial Crisis by : Roumen Avramov
Download or read book The Role of a Currency Board in Financial Crisis written by Roumen Avramov and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of the Currency Board in Bulagria's Stabilization by : A. M. Gulde
Download or read book The Role of the Currency Board in Bulagria's Stabilization written by A. M. Gulde and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The First Year of the Currency Board in Bulgaria by :
Download or read book The First Year of the Currency Board in Bulgaria written by and published by . This book was released on 1998-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and the Bulgarian Currency Board by : Stacie Beck
Download or read book Inflation and the Bulgarian Currency Board written by Stacie Beck and published by . This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Currency Board in Bulgaria : Design, Peculiatities and Management of Foreign Exchange Cover by : Dobrislav Dobrev
Download or read book The Currency Board in Bulgaria : Design, Peculiatities and Management of Foreign Exchange Cover written by Dobrislav Dobrev and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bulgaria written by Steve H. Hanke and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I reflect on my experiences in Bulgaria, where I served as President Stoyanov's adviser and played a major role in establishing Bulgaria's currency board. The first of July marked the anniversary of a momentous day in Bulgarian history. On that day, fifteen years ago, Bulgaria installed its currency board system (CBS), finally ending its hyperinflation, which had peaked with a monthly inflation rate of 242%, in February 1997. Armed with a currency board system, Bulgarians overcame the hyperinflation crisis of 1996-97 and finally began to realize stability and economic growth. Now, it's time to get serious about Bulgaria's biggest problem: corruption.
Book Synopsis The Stability of Currency Boards by : Kai Stukenbrock
Download or read book The Stability of Currency Boards written by Kai Stukenbrock and published by Peter Lang Pub Incorporated. This book was released on 2004 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.
Book Synopsis The Currency Board in Bulgaria by : Radko Radkov
Download or read book The Currency Board in Bulgaria written by Radko Radkov and published by . This book was released on 2016 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the authors is to, via this article, further develop viewpoints regarding the point of intersection between theoretical views on the currency board and the empirical results reported in Bulgaria. In order to achieve this objective, the article has been structured as follows: part one - clarification of the nature of a currency board in light of leading theoretical research on this issue; part two - critical analysis and assessment of the specific features of the currency board in Bulgaria; part three - the rationale behind the authors' view regarding the fundamental issue of the end of the currency board regime in Bulgaria and its replacement with another system; part four - econometric analysis and assessment of the impact of the external sector of economy on the GDP in Bulgaria under a fixed exchange rate and a high relative volume of foreign trade exchange of goods and services in terms of the GDP; part five - an investigation into the impact of the currency board on Bulgaria's economic convergence with leading EU economies in the period between 1998 and 2012.
Book Synopsis Scorecard for Bulgaria's Currency Board by : Steve H. Hanke
Download or read book Scorecard for Bulgaria's Currency Board written by Steve H. Hanke and published by . This book was released on 2013 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: After ten years of running under a new law, Bulgaria's central bank can be proud of its record writes Steve Hanke.
Book Synopsis Liquidity Management under Fixed Exchange Rate with Open Capital Account by : Mariam El Hamiani Khatat
Download or read book Liquidity Management under Fixed Exchange Rate with Open Capital Account written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2019-03-18 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
Book Synopsis Bulgaria in a Time of Change by : Iliana Zloch-Christy
Download or read book Bulgaria in a Time of Change written by Iliana Zloch-Christy and published by . This book was released on 1996 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the issues of economic, political and social transformation in post-1989 Bulgaria. Its main aim is to assess realities in the country in the context of changes in Eastern Europe.
