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Monetary Regimes in Post-Communist Countries

Some Long-Term Reflections

Nikolay Nenovsky

University of National and World Economy, Sofia

LEO, Université d’Orléans, ICER


Summary: This article offers an attempt at typologisation of the evolution of monetary regimes in post-communistcountries(1990-2008), which is exceptionally varied by character. Two large groups have emerged: type 1 – countries, whichstarted theirreforms with a regime of fixed exchange rate and dominating external sources of money supply, and type 2 – countriesstarting 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.


JEL classification: E5, P2

Keywords: monetary regimes, post-communist countries, comparative economics


The article is based on a plenary report presented at the «Monetary and Financial Transformations in CEECs» International Conference, Thursday 20th November 2008, Ecole Supérieure du Commerce Extérieur, Paris La Défense. The article reflects a number of comments and notes by participants in the Conference especially from Fabrizio Coricelli, and also to Petar Chobanov and Guergy Ganev.  The paper was improved after discussions with the participants at University Kyoto conference, EACES, February, 2009.


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