关于货币发行局的一些新见解:来自保加利亚的证据

Institutional & Transition Economics eJournal Pub Date : 2008-01-01 DOI:10.2139/ssrn.1140774

A. Minea, C. Rault

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引用次数: 8

摘要

保加利亚货币发行局(CB)货币体系的存在是评估货币政策传导的关键因素，因为CB意味着没有货币自主权。根据宏观经济时间序列的统计特性，使用SVAR技术，我们提出了支持保加利亚主要货币总量对欧洲央行利率冲击的内生性的证据。这些结果为CB功能提供了新的视角。

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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Some New Insights into Currency Boards: Evidence from Bulgaria

The presence of a Currency Board (CB) monetary system in Bulgaria is a key factor in assessing monetary policy transmission, since a CB implies no monetary autonomy. Using the SVAR technique according to the statistical properties of macroeconomic time series, we propose evidence sustaining the endogeneity of main Bulgarian monetary aggregates to shocks on the ECB interest rate. These results shed a new perspective over CB functioning.

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Institutional & Transition Economics eJournal

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