Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 24
... Bulgaria had undergone several failed stabilization attempts under a flexible exchange rate regime , and the introduction of the CBA was instrumental in stopping the vicious cycle . In all the countries under discussion , to the extent ...
... Bulgaria had undergone several failed stabilization attempts under a flexible exchange rate regime , and the introduction of the CBA was instrumental in stopping the vicious cycle . In all the countries under discussion , to the extent ...
Page 31
... Bulgaria may well have to grapple with these issues a few years down the road . While massive capital inflows would ... Bulgaria's and Lithuania's trade is with EU countries , and for Estonia the figure is as high as 70 percent . Hence ...
... Bulgaria may well have to grapple with these issues a few years down the road . While massive capital inflows would ... Bulgaria's and Lithuania's trade is with EU countries , and for Estonia the figure is as high as 70 percent . Hence ...
Page 164
... Bulgaria is not that the latter is much more exposed to asymmetric shocks à la Mundell ( 1961 ) , i.e. shocks to export earnings or terms of trade . Both countries are vulnerable in this respect since they have a narrow industrial base ...
... Bulgaria is not that the latter is much more exposed to asymmetric shocks à la Mundell ( 1961 ) , i.e. shocks to export earnings or terms of trade . Both countries are vulnerable in this respect since they have a narrow industrial base ...
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accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Hong Kong Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages