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EU Enlargement and Monetary Regimes from the Insurance Model Perspectives
Nikolay Nenov Nenovsky
Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forward an insurance model of currency crises, which after some modifications gives a good theoretical basis for explanation of the overall dynamics of the post communist transformation and diversity across countries and periods. The article analyses, within the framework of the insurance model, the role of monetary regimes (currency anchor) and EU enlargement (political and geostrategic anchor) and their relationships. The insurance game model not only contains an explanatory power, but it also has the potential to suggest a range of measures that could be useful in overcoming the "bad" dynamics, which we are witnessing today not only in the new member-states, but also EU-wide.
Nikolay Nenovsky, 2010. "EU Enlargement and Monetary Regimes from the Insurance Model Perspectives," William Davidson Institute Working Papers Series wp997, William Davidson Institute at the University of Michigan.
Handle: RePEc:wdi:papers:2010-997
File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/133010/1/wp997.pdf
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post communist transformation; monetary regimes; insurance model of currency crisis;
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General
NEP-EEC-2011-04-30 (European Economics)
NEP-MON-2011-04-30 (Monetary Economics)
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