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An investigation into the credibility of currency board arrangements in Bosnia and Herzegovina and Bulgaria

BEGOVIC, Selena and ADNETT, Nick and PUGH, Geoffrey (2015) An investigation into the credibility of currency board arrangements in Bosnia and Herzegovina and Bulgaria. Journal of Comparative Economics. ISSN 01475967 (In Press)

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Abstract or description

Currency Boards are usually argued to increase the credibility of the monetary authority,although this effect ultimately depends on the economic, political and institutional circumstances in the specific country. Few studies have previously been able to address this issue empirically. Using a novel database, the analysis conducted in this paper finds that, other things being equal, the credibility of the monetary authority is likely to be higher in those European transition countries with currency board arrangements, namely Bosnia and Herzegovina and Bulgaria. The results also suggest that currency board arrangements are more likely to increase the credibility of the monetary authority in countries with a low level
of trust in government and a weak economy. These findings imply that the maintenance of currency board arrangements in recent years in Bosnia and Herzegovina and Bulgaria may
have been advantageous.

Item Type: Article
Uncontrolled Keywords: Currency board arrangement; Credibility; Trust in currency; Trust in government
Subjects: L100 Economics
Faculty: Previous Faculty of Business, Education and Law > Business
Related URLs:
Depositing User: Geoff PUGH
Date Deposited: 16 Feb 2016 14:56
Last Modified: 08 May 2017 15:09
URI: http://eprints.staffs.ac.uk/id/eprint/2263

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