<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This paper presents an overview of the channels of monetary transmission and their manifestation in Bulgaria – a country in a currency board arrangement – in the first five years after the introduction of the regime. The presence of such a mechanism of transmission requires some form of macroeconomic discretion. The latter is approximated here with dynamics in the single fiscal account present on the balance sheet of the currency board.</p>
</abstract>

This paper presents an overview of the channels of monetary transmission and their manifestation in Bulgaria – a country in a currency board arrangement – in the first five years after the introduction of the regime. The presence of such a mechanism of transmission requires some form of macroeconomic discretion. The latter is approximated here with dynamics in the single fiscal account present on the balance sheet of the currency board.

Specificities of the Monetary Transmission Mechanism within the Bulgarian Currency Board Framework: The first five years

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

This paper presents an overview of the channels of monetary transmission and their manifestation in Bulgaria – a country in a currency board arrangement – in...

Specificities of the Monetary Transmission Mechanism within the Bulgarian Currency Board Framework: The first five years

Published Online: May 12, 2021

Page range: 57 - 86

Received: Aug 23, 2019

Accepted: Feb 14, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0014

Keywords
monetary transmission, currency board, Bulgaria

© 2021 Martin N. Pazardjiev et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Specificities of the Monetary Transmission Mechanism within the Bulgarian Currency Board Framework: The first five years

Published Online: May 12, 2021

Page range: 57 - 86

Received: Aug 23, 2019

Accepted: Feb 14, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0014

Keywordsmonetary transmission, currency board, Bulgaria

© 2021 Martin N. Pazardjiev et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
monetary transmission, currency board, Bulgaria