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

IF 1.7 Q3 BUSINESS, FINANCE

Journal of Central Banking Theory and Practice Pub Date : 2021-05-01 DOI:10.2478/jcbtp-2021-0014

Martin N. Pazardjiev, Aleksandar Vasilev

引用次数: 2

Abstract

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.

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保加利亚货币发行局框架内货币传导机制的特点:头五年

摘要本文概述了货币传导渠道及其在保加利亚的表现，保加利亚是一个货币发行局安排的国家，在该制度引入后的前五年。这种传导机制的存在需要某种形式的宏观经济自由裁量权。后者在这里与货币发行局资产负债表上的单一财政账户的动态相近似。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.