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dc.contributor.authorMinea, Alexandruen_US
dc.contributor.authorRault, Christopheen_US
dc.date.accessioned2011-05-25en_US
dc.date.accessioned2011-06-29T11:17:44Z-
dc.date.available2011-06-29T11:17:44Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/46372-
dc.description.abstractStarting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration of Bulgaria with the European Monetary Union (EMU). Since Bulgarian monetary variables are endogenous under a CB, we focus on the ECB and FED interest rates as the main sources on monetary volatility. First, we find that ECB shocks are more rapidly absorbed and have less significant impact of domestic variables, with respect to other external monetary shocks (FED rate changes). Second, the responses of Bulgarian variables following changes in the ECB interest rate present lower persistence and significance, with respect to what the previous literature emphasized for other CEEC with monetary autonomy. This latter result still holds when accounting for different sources of cross-country heterogeneity outlined in the literature, thus supporting that the adoption of the CB may have worked as a rather good device in terms of integration of Bulgaria into the EMU.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3409en_US
dc.subject.jelE42en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordCurrency Boarden_US
dc.subject.keywordBulgariaen_US
dc.subject.keywordmonetary shocksen_US
dc.subject.keywordECB interest rateen_US
dc.subject.keywordFED interest rateen_US
dc.subject.stwCurrency Boarden_US
dc.subject.stwZinsen_US
dc.subject.stwSchocken_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwEU-Erweiterungen_US
dc.subject.stwWirtschaftliche Anpassungen_US
dc.subject.stwBulgarienen_US
dc.subject.stwUSAen_US
dc.titleExternal monetary shocks and monetary integration: Evidence from the Bulgarian currency boarden_US
dc.typeWorking Paperen_US
dc.identifier.ppn660142066en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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