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Why a currency board?
Defining the problem?
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100 per cent A.MANNING accumulation assets backed by reserves backing of deposits balance of payments bank deposits Bank of Russia bi-paper standard budget deficit capital adequacy ratios cash cent backed chervonets commercial bank corrective inflation currency board system currency stock currency substitution depreciation Deutsche Mark devaluation domestic currency domestic money supply Dornbusch equilibrium fix the exchange fixed exchange rate foreign currency fully backed Hanke and Schuler high inflation highly backed hyperinflation inflation tax revenues interest rates introduction Laffer curve Lat banks Latvian authorities Latvian Central Bank Latvian ruble metropolitan country monetary policy money multiplier nominal money supply obtained output payments surplus PCEs post-Soviet successor prices of traded problem rate of nominal recession reduce demand reserve ratio reserves required result S.MACHIN secondary currency seigniorage revenue Soviet rubles Sovznak currency stable Lat stock of Lats stock of Latvian Tanzi effect total money supply Wage withdraw the Latvian world prices