29 септември 2023г.

1913 г. — Подписан е Цариградският договор между Царство България и Османската империя.

OMDA  |  Wonderland Bulgaria

Валутните курсове на българския лев

Effective exchange rates of the Bulgarian Lev



Kalina Dimitrova
Martin Ivanov
Ralitsa Simeonova-Ganeva




The paper constructs the first series of nominal and real effective exchange rates of the Bulgarian Lev from its establishment in 1879 until 1939. The dynamics of both indicators during the Classical Gold Standard fits the general picture of exchange rate development of other European countries while their movements in the Interwar years reflects the exchange rate policy of the monetary authority and the price effects of the Great Depression. The study also provides econometric estimation of the impact of the real effective exchange rates and foreign demand on Bulgaria’s real export performance allowing for some policy implications.

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