KCI등재
학술저널
Some New Insights into Monetary Transmission Mechanism in Bulgaria
Some New Insights into Monetary Transmission Mechanism in Bulgaria
- Alexandru Minea Christophe Rault
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제24권 제3호
- 등재여부 : KCI등재
- 2009.09
- 563 - 595 (33 pages)
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.
Ⅰ. Introduction
Ⅱ. An Overview of the Bulgarian Monetary System and Monetary Policy
Ⅲ. Data and Methodological Considerations
Ⅳ. VAR Investigation and Examination of Dynamic Responses
Ⅴ. Conclusion