Monetary Theory and Economic History

2016

Money without a State. Currencies of the Orthodox Christians in the Balkan Provinces of the Ottoman Empire (17th -19th centuries) (with P. Penchev), Review of Austrian Economics, 29(1): 33-51, published online in 2014

2015

Reconstructing Eclecticism: Bulgarian Economic Thought in the Ottoman Empire in the 19th century (with P. Penchev), History of Political Economy, 47(4): 631-664, 2015

2014

Nenovsky, N., M. Aman, I. Mahamoud (2014). The informal system of remittances and Currency Board: complementarity or antagonism? The case of hawala transfers in Djibouti, Savings & Development, 37(1): 133-154

Пари без държава. Пари и парични знаци на православните християни в Османската Империя (XVII–XIX век), (в съавторство с Пенчо Д. Пенчев), Социологически проблеми, (1-2): , 2014.

Transition, Integration and Catching Up: Income Convergence between Central and Eastern Europe and the European Union (with K. Tochkov), Mondes en Développement,  3(167): 73-92, 2014

2013

Le système informel de transferts de fonds et le mécanisme automatique du Currency Board : complémentarité ou antagonisme ? Le cas des transferts des hawalas à Djibouti, (with M Aman and I. Mahamoud, LEO Document de Recherche n° 09, 2013

Politiques monétaires et intégration européenne. Le cas des pays des Balkans (with K. Tochkov and C. Turcu), RECEO, 44 (2): 141-162, 2013

Нови Факти за Живота на Професор Симеон Демостенов (1886–1966), сп. Исторически Преглед, n° 1–2, 2013

Исторически поглед към протекционизма в България и Румъния. Протекционистичните теории на Михаил Манойлеску (1891-1950) и Константин Бобчев (1894-1976), (с П. Пенчев), Икономически изследвания, XXII, 2, 2013

Monetary regimes, economic stability, and EU accession: Comparing Bulgaria and Romania (with Tochkov, K and C.Turcu). Communist and Post-Communist Studies, 46: 13-23, 2013

Protectionism and Protectionists Theories in the Balkans in the Interwar Period (with B. Blancheton ), Cahiers du GREThA, n°-02, 2013

2012

Theoretical Debates in Bulgaria during the Great Depression, Confronting Sombart, Marx and Keynes, Œconomia , No 2 (1), 2012

Politiques monétaires et intégration européenne. Le cas des pays des Balkans (with K. Tochkov and C. Turcu) RECEO, vol. 44, n° 2, pp. XXXX, 2012

2011

A Game Theory Interpretation of the Post-Communist Evolution (with D.Ialnazov) Journal of Economic Issues, Vol. XLV No. 1, 2011

Empirical Investigation of Systemic Risk in the New EU States (with P. Chobanov and A. Lahiani), Economics Bulletin, 2011, Vol. 31 no.2 pp. 1401-1412, 2011

EU enlargement and monetary regimes from the insurance model perspective (with P.Villieu ) Post-Communist Economies, 23:4, 433-447, 2011

Bulgarian Economic Thought since 1989: A Personal Perspective, The History of Economic Thought, Vol. 52, No. 2, 2011.The Japanese Society for the History of Economic Thought, 2011

2010

EU Enlargement and Monetary Regimes from the Insurance Model Perspectives, William Davidson Institute Working Paper No 997, June 2010
Monetary Regimes in Post-Communist Countries. Some Long- Term Reflections, No. 16, pp. 34-53, March 2010 (Posuto kyôsanshugi shokoku ni okeru tsûka seido – ikutsuka no chôkiteki shiya kara no shoken, tokushû keizai seisku to shijo ikô – in Japanese)

2009

Debates over Crises: A Special Focus on Bulgaria, The Journal of Comparative Economic Studies, Vol.5, pp. 19-24, 2009

Monetary Regimes in Post-Communist Countries. Some Long- Term Reflections, Transformations monétaires et finncières dans les pays d’Europe centrale et orientale, les cahiers de recherche, No. 11, pp. 31-58, 2009

On Money as an Insitution, International Center for Economic Research Working Paper, No 12, 2009

The present crisis and the economic theory, (Reflections), University of Kyushu, Fukuoka – seminar presentation, March 2009

Transformation in Eastern Europe: Challenges for Monetary Theory and Central Bank Practice, presentation at European Association for Comparative Economic Studies and Institute of Economic Research Asian Workshop: “Sustainability and future perspectives of emerging markets”, University of Kyoto, 26-27, February, 2009

Паричните режими в пост-комунистическите страни. Дългосрочните перспективи, Международни Отношения, No1, с.79-97, 2009, ревизирана версия

Паричните режими в пост-комунистическите страни. Дългосрочни перспективи, Агенция за Икономически Анализи и Прогнози, No 2, 2009

Monetary Regimes in Post-Communist Countries. Some Long- Term Reflections, paper presented at the ESCE, Paris.

2008

Efficiency of the Bulgarian Banking System: Traditional Approach and Data Envelopment Analysis, (with P.Chobanov, Mihaylova G. and Koleva D.), International Center for Economic Research Working Paper, No 22, 2008

Публична лекция. Настоящата криза и икономическата теория, Нов Български Университет, 4 Декември 2008

Transformation in Eastern Europe: Challenges for Monetary Theory and Central Bank Practise, Monetary and Financial Transformation in CEECs, paper presented at the ESCE, Paris, 20 November, 2008

За парите като институция (по повод книгата на Лука Фантачи), сп. Социологически проблеми, , бр. 1-2, с. 250-280, 2008

Monetary Convergence on the Road to EMU: Conceptual Issues for Eastern Europe, in: Melting the Boundaries: Institutional Transformation in the Wider Europe, pp. 129-152, Yagi, K. and S. Mizobata, Eds., Kyoto University Press, 2008

The Evolution of Bulgarian Banks Efficiency during the twenties a DEA approach, (with G. Mihaylova and Ivanov M.), paper presented at the SEEMNH conferance, Bank of Greece Working Papers, No 82, 2008

Efficiency of the Bulgarian banking System: Traditional Approach and DEA, (with P.Chobanov, Mihaylova G. and Koleva D.), AEAF Working Papers, No 1, 2008

2007

Exchange Rate Control in Italy and Bulgaria in the Interwar Period: History and Prospectives. International Center of Economic Research Working Paper, 2007, N 40

Динамика на финансовото богатство на институционалните сектори в България през периода 1990-2005 г. (с Г. Михайлова), сп. Икономическа мисъл, No 4, 2007

Паричният ред. Критика на теорията на парите, (презентация за присъждане на научната степен – Доктор на икономическите науки), УНСС, 2007

On Money as an Institution. A Review Essay on Luca Fantacci (2005), La Moneta: Storia di un’istituzione mancata, 2007

Exchange Rate Control In Bulgaria in the Interwar Period: History and Theoretical Reflections, BNB, Disscusion Papers, No 61/2007

Exchange Rate Control in Italy and Bulgaria in the Interwar Period: History and Prospectives, (with G. Pavanelli and Dimitrova, K.), OeNB Workshops, April, 2007

Le Currency board comme institution: une comparaison des expériences bulgare, estonienne et lithuanienne, (with D. Koleva)(2007), in: Nouvelles Europes. Trajectoires et enjeux économiques, Koleva, P., N. Ridet-Kroichvilli, J. Vercueil, Eds., UTBM, France, pp. 109-138

2006

Exchange Rate and Inflation: France and Bulgaria in the interwar period, (with K. Dimitrova), International Center for Economic Research Working Paper, No 34, 2006

Monetary Convergence on the Road to EMU: Conceptual Issues for Eastern Europe, International Center for Economic Research Working Paper, N 33, 2006

Lenin and the currency competition. Reflections on the NEP experience (1922-1924), International Center for Economic Research Working Paper, N 22, 2006

Convergence and Shocks in the road to EU: Empirical investigations for Bulgaria and Romania, (with JM Figuet), William Davidson Institute Working Paper, N 810, 2006

Notes on convergence, 2006, Novo Vreme, N 8-9, pp. 67-77 (in Bulgarian)

2005

Confiance et ajustement dans les régimes de caisse d’émission (with JB Desquilbert), Monde en développement, 2005, vol. 2, N 130, pp. 77-95

2004

Currency Boards and Financial Stability: Experiences from Argentina and Bulgaria, (with Berlemann, M.), in: Sovereign risk and financial crisis, Frenkel, M., Karmann, A., Scholtens, B., Eds), Spinger – Verlag, pp. 237 – 257, 2004

The efficiency of banking system in CEE: inequality and convergence to the EU, (with Tomova, M. and Naneva, T.), in: Financial markets in CEE, Stability and efficiency perspectives, (Balling, M., Lierman, F., and Mullineux, A., eds), Routledge, London, pp. 225 – 251, 2004

Assessing Market Expectations on Exchange Rates and Inflation: A Pilot Forecasting System for Bulgaria (Berlemann M. and Dimitrova K.) in: Frank Columbus (ed.), Politics and Economics of Eastern and Central Europe, Hauppauge, 2004

Measuring the Institutional Change of the Monetary Regime in a Political Economy Perspective (with Y. Rizopoulos), William Davidson Institute Working Paper, N 732, 2004

Lending of First versus Lending of Last Resort: The Bulgarian Financial Crisis of 1996/1997 (with M. Berlemann), Comparative Economic Studies, vol. 46, N 2, pp. 245-271, 2004

Credibility and adjustment: gold standards and currency boards compared (with JB Desquilbert), William Davidson Institute Working Paper, University of Michigan, N 692, 2004 , also in Bulgarian National Bank, Disscussion Paper, N 39, 2004 Centre Analyse Economique, Aix-en Provance, Document de Recherche, N 22, 2004

The Bulgarian National Bank, the fiscal reserve and the money multiplier, (with JB Desquilbert), mimeo

Reflections on the evolution of institutions in post-communist countries, (with P. Garello), mimeo

Money market liquidity under Currency board – empirical investigations for Bulgaria (with P. Chobanov), William Davidson Institute Working Paper, University of Michigan, N 693, 2004

Peut-on mesurer le changement institutionnel du régime monétaire ? (with Y. Rizopoulos), Revue d’économie financière, vol. 75, pp. 17 -36, 2004

A non-pessimistic theory of Bulgarian transition, Introduction to Nedeltchev, D., Social capital and economic development, 2004, Sofia, Edition of Bulgarian Academy of Sciences, Academic Publishing House “Marin Drinov”

2003

Deposits insurance during EU accession (with K. Dimitrova), William Davidson Institute Working Paper N 617, 2003

Assurance des dépôts bancaires durant l’accession à l’UE, Revue d’économie financière, vol. 72, pp. 123-140, 2003

The Efficiency of banking Systems in CEE. Inequality and Convergence to the EU, (with M. Tomova and T. Nenova), SUERF, presented at 24th SUERF Colloquium on Stability and Efficiency of Financial Markets in Central and Eastern Europe, June 2003, Tallinn

Exploring the Currency board mechanics’. A basic formal model (with J-B. Desquilbet), BNB, Discussion papers, N 35, 2003

Развитие теории денег в посткоммунистических странах: назад к Кантильону, Эковест, бр.3, стр. 540-566.

Lending of First Versus Lending of Last Resort: The Bulgarian Financial Crisis of 1996/1997 (with M. Berlemann), Dresden Discussion Paper Series in Economics, Dresden University of Technology, No 11, 2003

Banks-Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria (with E. Peev and T. Yalamov), Revue d’études comparatives Est-Ouest, vol. 34, N 2, pp. 53-81, 2003. Also as a William Davidson Institute Working Paper N 555, University of Michigan, and as Bulgarian National Bank, Discussions Papers, No 32, 2003

Extreme Monetary Regime Change. Evidence from Currency Board Introduction in Bulgaria (with Y. Rizopoulos), Journal of Economic Issues, vol. XXXVII, N4, December, pp. 909 – 941, 2003

2002

Dual inflation under the Currency Board. The challenges of Bulgarian EU accession (with K. Dimitrova), William Davidson Institute Working Paper N 487, University of Michigan, 2002

Lending of last resort, moral hazard and twin crises. Lessons from the Bulgarian financial crises 1996/1997 (with M. Berlemann and K. Hristov), William Davidson Institute Working Paper N 464, University of Michigan, 2002

Deposit insurance in Bulgaria – problems and possible solutions during the accession process, (with B. Petrov), State Insurance Fund, (in Bulgarian), Banks, Investments and Money, N 1, pp. 2-9, 2002

New Currency Boards and Discretion. The Empirical Evidence from Bulgaria, (with K. Hristov), Economic Systems (Elsevier), vol. 26, N 1, pp. 55-72, 2002, (in Litvanian, Pinigų Sudijos, No1, p.14-27 2001)

Comparing institutional and organizational design of Currency Boards in transition countries, (with K. Hristov and M. Mihaylov), Eastern European Economics, vol. 40, pp. 6-35, 2002

2001

The Currency Board and Bulgaria’s Accession to the European Monetary Union, (with D.Ialnazov), The Kyoto University Economic Review, vol. LXX, N 1/2, whole n 148/149, pp. 31-48, 2001

Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania, (with K. Hristov and M. Mihaylov), Journal des Economistes et des Etudes Humaines, vol. XI, n 4, pp. 575 – 616, 2001 and also as a Document de Recherche, Laboratoire d’économie d’Orléans, N 24, 2001

Official Euroization in Bulgaria: Pros and Cons, (with K. Hristov), Economic Studies, Bulgarian Academy of Sciences, vol. X, N 1, pp. 64 –81, 2001, (in English)

Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania, Economic Thought, No 3, 2001

Паричният съвет в Естония, Литва и България: Сравнителен анализ, (с К. Христов), сп. Икономическа мисъл, бр.3, с. 24-45, 2001

Real Wages Rigidities and the Choice of Monetary Regime, (with Koleva D.), Bulgarian National Bank, Discussions Papers, No 18, 2001

The Nonorthodox Currency Boards: The Case of Bulgaria, (with Hristov K.), Ecole des Hautes Etudes Commerciales, Université de Montréal, Cahiers de recherche, N 1 , 2001

The Nonorthodox Currency Boards: The Case of Bulgaria, (with K. Hristov), Valencia, Universitat de Valencia, Papers Transitio, Unitat d’Investigacio Formacions Socials en Transicio, N 2, 2001

Pinigų Politika Valiutų Valdybos Sąlygomis: Bulgarijos Atvejis, (with K. Hristov), Pinigų Sudijos, No1, p.14-27 2001, (in Lithuanian).

2000

Inflation under a Currency Board (the case of Bulgaria), (with Yotzov, V., Hristov. K.), Bulgarian National Bank, Discussions Papers, N 12, 2000

Currency in Circulation after Currency Board Introduction in Bulgaria (transaction demand, hoarding and hidden economy) (with Hristov K.), Bulgarian National Bank, Discussions Papers N 13, 2000

1999

Une économie en transition a-t-elle vraiment besoin d’une Banque Centrale?

(la Caisse d’émission en Bulgarie), Revue d’études comparatives Est-Ouest, N 4, pp.65 – 96, 1999

Monetary Policy under the Currency Board: the case of Bulgaria (with K. Hristov), august, 1999, prepared for the International Workshop on Currency Boards: Convertibility, Liquidity Management and Exit, Hong Kong Baptist University, 9 October 1999; also in Lithuanian in Monetary Studies, Bank of Lithuania, 2001, volume V, No 1, pp. 14-28

Monetary regimes and Real Economy (Empirical Tests before and after the Introduction of the Currency Board in Bulgaria), (with K.Hristov), Bulgarian National Bank, Discussions Papers, N 10, 1999

Two Approaches to Fixed Exchange Rate Crises, (with K.Hristov, B.Petrov), Bulgarian National Bank, Discussions Papers, N 4, 1999

Modeling monetary history in Bulgaria 1913 – 1945. Lessons from the past, Bulgarian National Bank, Discussions Papers, N 5, 1999

1998

Financial repression and credit rationing under the Currency board arrangement for Bulgaria, (with K.Hristov), Bulgarian National Bank, Discussions Papers, N 2, 1998

The first year of the Currency Board in Bulgaria, (with V.Yotzov, K.Hristov, I.Petrova, B.Petrov), Bulgarian National Bank, Discussions Papers, N 1, 1998

Criteria for evaluation of the systemic risk under Currency Board (with Kalin Hristov), Bulgarian National Bank, Working paper, 1998/1, (also in the book “Banking Sector Management under Currency Board“, Sofia, pp. 79 – 116, 1999

Контролируемо ли е паричното предлагане в България?, сп. Икономическа мисъл, бр. 1, 1998

1997

Теоретични основи на системните финансови кризи, сп. Икономическа мисъл, N 2, с. 3-22, 1997

Системните финансови кризи, Българска народна банка, Информационен бюлетин, N 3, с. 41-51, 1997

Избор на резервна валута и фиксиране на валутния курс при въвеждането на паричен съвет, Българска народна банка, Месечен бюлетин, N 4, с. 36 – 49 (в съавторство с В. Йоцов), 1997

Study on the Demand for Money in Bulgaria, Bulgarian National Bank, Monthly Bulletin, 1997, N 5, p. 31-35 (co-author Victor Yotzov)

Коинтеграцията и корекцията на грешката – един синтез, сп. Статистика, N 3, с. 51-69, 1997

1996

Изследване на търсенето на пари в България, сп. Икономическа мисъл, N 2, с. 35-54, 1996

Само за три неща в паричната политика при преход, сп. Финансов Форум, N 2-3, с. 23-27, 1996

Адаптиране на България към изискванията за инвестиционните фондове в Европейския съюз. Глава 11 в кн.: Приобщаване на България към Европейския съюз. Политически, икономически и правни проблеми, отг. ред. Т.Хубенова, С., изд. “Стоилов”, с. 196-213, 1996

1994

Рациониране на кредита в условията на несигурност, сп. Икономическа мисъл, N 1, с. 87-96, 1994

1993

Макроравновесие в отворена икономика: сравнителен анализ на паричната и бюджетната политика при фиксиран курс, сп. Икономическа мисъл, N 2, с. 80-97, 1993

Паричната и бюджетната политика при плаващ валутен курс, сп. Икономическа мисъл, № 4, с. 53-64

Exchange Rates and Inflation: France and Bulgaria in the Interwar period and the Contribution of Albert Aftalion (1874-1956), Bulgarian National Bank, October 2006 (in English), (in French), (in Bulgarian)

Deposit Over-Insurance in EU Accessesion Countries – A Moral Hazart Boomering to the Euro Area? (with K. Dimitrova), Paolo Baffi Center Research Paper, No 20, 2008