1,721,096 research outputs found
Deposit Insurance During EU Accession
Full text linkThe paper presents a brief review of the systems of deposit insurance in accession countries, comparing their level of harmonization with the perspective of their EU integration. Studying the different practices of deposit insurance in the context of developing financial safety nets in future Europe we have found that: (i) there is overinsurance of deposits in accession countries, and (ii) that this could lead to increasing moral hazard, incentives deformation and increasing costs of banking intermediation in the whole euro area.deposits insurance, financial regulation, accession countries
Annonce de la séance du 7 avril : Nikolay Nenovsky et Eric Magnin sur les politiques monétaires des émergents et pays développés en temps de crise
No full text Notre prochaine séance aura lieu mercredi 7 avril, 18h (heure de Paris), en ligne (lien d'inscription disponible prochainement). Elle recevra : Eric Magnin LADYSS, University of Paris, France Nikolay Nenovsky CRIISEA, University of Picardie Jules Verne, France / Bulgarian National Bank, Bulgaria / SU Higher School of Economics, Russia sur le thème suivant : Soft monetary constraints in Developed and BRICS countries. Insights from J. Kornai's theory. La séance se tiendra en français C..
Lending of Last Resort, Moral Hazard and Twin Crises: Lessons from the Bulgarian Financial Crisis 1996/1997
Full text linkIn 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. While being widely neglected by the financial crisis literature and the international discussion we argue that the Bulgarian Financial Crisis might serve as an illustrative example of a twin crisis primarily (but not only) due to systematic moral hazard behaviour of the banking sector. Thus, the Bulgarian Financial Crisis might be closer to the story of third generation moral hazard models of currency crises than the Asian Crisis. We also show how Bulgaria managed to overcome the crisis by introducing a second generation currency board allowing the central bank to act as a strictly limited lender of last resort thereby (hopefully) making the country less prone to a financial crisis in the future.Financial Crises, Bulgaria, Lender of Last Resort, Twin Crises, Currency Boards
ONCE BITTEN, TWICE SHY: EXPERIENCES OF A BANKING CRISIS AND EXPECTATIONS OF FUTURE CRISES
Full text linkSurvey data from Bulgaria show that people who had experienced a loss during a banking crisis are significantly more likely to expect a new crisis. This result holds despite 12 years between the earlier crisis and the survey, and the dramatically improved performance of the financial sector and the economy in the meantime. However, we find that earlier experiences affect expectations only for less informed individuals. Individuals who are more informed about the economy are unaffected by their prior experiences.banking crisis, trust, expectations
Convergence and shocks in the road to EU: Empirical investigations for Bulgaria and Romania
Full text linkDespite their progress Bulgaria and Romania significantly differ from the EU economies. In this article, on the basis of the theoretical and empirical achievements of the theory of optimal and (endogenous) currency areas we study to what extent the two South European economies are able to adopt the common economic (and above all monetary) policy of the EU, and to what extent the convergence to the EU stimulates the economic development of these countries. Despite the similarities, the two countries now differ fundamentally in their choice of a monetary regime – while Romania uses inflation targeting and a flexible exchange rate, Bulgaria has adopted a currency board regime. For this purpose we analyze: (i) the degree of nominal, real and financial convergence and synchronization of the economic cycle with that of the European Union (using unconditional ß convergence approach). Income and price levels, inflation rate, interest rate, monetary aggregates, credit, productivity etc. are among the studied variables; (ii) the resistance to different external and internal shocks (using VAR model) as well as (iii) the mechanisms for balancing and absorption of these shocks. To give a better comparative picture we compose the panel including Hungary and Czech Republic.convergence, shocks, EU enlargement, Bulgaria and Romania
Assessing Market Expectations on Exchange Rates and Inflation: A Pilot Forecasting System for Bulgaria
Full text linkEconometric forecasting models typically perform bad in volatile environments as they are often present in economies in transition. Since forecasts of key macroeconomic variable are inevitable as guidelines for economic policy, one might alternatively make attempts at measuring market participants’ expectations or conduct surveys. However, often financial markets are underdeveloped and regular surveys are unavailable in transition countries. In this paper we propose to conduct experimental stock markets to reveal market participants’ expectations. W? present the results fr?m a series of pilot markets conducted in Bulgaria throughout 2002 indicating that the method could be useful especially for transition countries.forecasting, macroeconomics, inflation, exchange rates, experimental stock markets
The Economic Sociology of Ivan Pososhkov (1652 - 1726)
No full textIvan Pososhkov (1652-1726) is the author of the first systematic economic treatise in Russia. His works are interesting due to three reasons at least. Firstly, it is worth-introducing some original non-European authors, who are often underestimated, in order to determine their specific features and place in the evolution of the economic and sociological thinking, and to answer the question how much the economic and social thought reflects the characteristics of the socio-economic development and to what extent it is a result of propagation of economic ideas. Secondly, such an analysis would be of benefit not only to enrich the history of the economic and social thought, but it could also contribute to the development of the theory itself, to generate new trends for analysis (such as the Pososhkov’s case of the “power-money” relation). Thirdly, even the fact alone, that Pososhkov works in a transitional period, which is difficult for Russia (the reforms made by Peter the First), he gives valuable practical ideas for the contemporary age, for the present-day situation in Russia and for the post-Soviet period.
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Monetary Regimes in Post-Communist Countries. Some Long-Term Reflections
No full textThis 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.monetary regimes; post-communist countries; comparative economics
- …
