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Monetary Regimes in Post-Communist Countries. Some Long-Term Reflections

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  • Nikolay Nenovsky
Abstract
This article offers an attempt at typologisation of the evolution of monetary regimes in post-communist countries (1990-2008), which is exceptionally varied by character. Two large groups have emerged: type 1 – countries, which started their reforms with a regime of fixed exchange rate and dominating external sources of money supply, and type 2 – countries starting their reforms with a floating exchange rate and predominating internal sources of money supply. The first type is much more successful and appropriate for managing the problems of transition. Some other elements of typologisation have also been suggested based on specific definitions of monetary system and monetary regime. The article also presents various approaches, which can explain the evolution of monetary regimes observed in the former socialist countries.

Suggested Citation

  • Nikolay Nenovsky, 2009. "Monetary Regimes in Post-Communist Countries. Some Long-Term Reflections," Working paper series 12009en, Agency for Economic Analysis and Forecasting.
    • Handle: RePEc:eaf:wpaper:12009en
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Tsvetelina Marinova, 2015. "Challenges to the Monetary and Fiscal Policy in the Eurozone and Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 16-36.
    2. Dimiter IALNAZOV & Nikolay NENOVSKY, 2010. "The Evolution of Post-Communist Countries: An Interpretation from the Perspective of Cooperation," LEO Working Papers / DR LEO 1600, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    3. Zina V.MARCU căs. CIORAN, 2013. "Monetary Policy And The Inflation Targeting Strategy," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 2, pages 167-173, October.
    4. Peter Chobanov & Amine Lahiani & Nikolay Nenovsky, 2010. "Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States," William Davidson Institute Working Papers Series wp1002, William Davidson Institute at the University of Michigan.
    5. Nikolay Nenovsky, 2010. "The Bulgarian Economic Thought since 1989: A Personal View," ICER Working Papers 21-2010, ICER - International Centre for Economic Research.
    6. Nikolay NENOVSKY, 2022. "Theoretical Foundations of the Dependent Monetary Regimes," Business & Management Compass, University of Economics Varna, issue 3-4, pages 113-133.
    7. repec:cmj:journl:y:2013:i:29:cioran is not listed on IDEAS
    8. Dimiter Ialnazov & Nikolay Nenovsky, 2011. "A Game Theory Interpretation of the Post-Communist Evolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(1), pages 41-56.

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    More about this item

    Keywords

    monetary regimes; post-communist countries; comparative economics;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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