Penkova-Pearson, Emilia - In: Journal of Central Banking Theory and Practice 1 (2012) 1, pp. 107-139
: Bulgaria has a currency board arrangement, Romania’s exchange rate regime is characterized by a managed float. The empirical … position concerning competitiveness compared to the countries with fixed exchange rates. The study shows that the export … dynamics of Bulgaria and Romania over the period of investigation is largely explained by the EU growth, while the increasing …