Vera Asenova

PhD candidate in Economy, CEU Budapest

CEU Junior Visiting Fellow
(September – December 2011)



Continuity and Change in Eastern Europe:
Comparing Bilateral Clearing Trade in the Nazi and the Soviet Spheres of Influence

Despite the differences in ideology, political goals, and economic conditions, Nazi Germany and the Soviet Union used the same trade regulations with Eastern Europe, based on an inconvertibility of the currency, state monopoly over foreign trade and strict bilateralism. The persistence of this trade regime is a form of institutional continuity for the small East European countries. The project studies their goals and motivations for cooperating and sustaining the regime based on a case study of Bulgaria between 1933 and 1956.


Small States Outside World Markets
Bulgaria’s Trade Relations with Germany and the Soviet Union, 1932-1956

Monetary and trade regimes are not politically neutral. By allowing for international economic cooperation they produce interdependent relationships among states. They also alter the incentive structures within states, which affect domestic politics and institutions. Regimes are neither all-inclusive nor truly global. Alongside global markets that trade multilaterally in convertible currencies there are a number of …
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