Combining panel data on bank liquidity at the individual level and data on their macroeconomic environment, for a sample of commercial banks in emerging countries between 1995 and 2004, we show that there exists a 'bank liquidity smile across exchange rate regimes'. In extreme regimes at both...

Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country...

The paper presents a cross-country analysis of the second generation of currency boards (CB) introduced in three East European countries: Bulgaria, Estonia and Lithuania. We focus on their institutional, legal and political characteristics which are closely associated with the operation of the...

The paper generalizes benefits and costs of potential official euroisation of Bulgarian economy in the process of accession to European Union and European Monetary Union. Since Bulgarian has a currency board the paper emphasizes on the comparison of current monetary regime and official...

The transitional period is always connected to redistribution processes and change in the financial wealth of the economic agents. The examination of the redistribution of wealth and its dynamics is important related to the possibilities for a more complete study and rationalization of the...

Countries in Central and Eastern Europe (CEE) still exhibit lower income levels than the European Union (EU) average. This paper examines convergence in per-capita GDP between CEE and the EU over the period 1990-2012 using parametric and nonparametric methods. The results indicate initial...

The paper makes a comparative analysis of two original theories for international trade and protectionism in Bulgaria and Romania between the two World Wars, as a product of the specific economic environment, as well as the distribution of the economic ideas coming from economically developed...