What Role for Currency Boards?
To help overcome its financial crisis, Russia is being urged to create a currency board, which has met with success in other countries such as Argentina, Estonia & Hong Kong. This study explains what a currency board is & how it differs from a central bank & examines the advantages of each type of arrangement. The author concludes that currency boards may be quite attractive to small, open economies & a useful prop in those emerging from a very deep macroeconomic crisis, but that their disadvantages outweigh these attractions in most large countries.
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A Consideration of the Pros and Cons
Where Do Currency Boards Help?
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1989 ISBN paper adopt a currency advocates of currency Anna Schwartz arbitrage Argentina Argentine peso argue balance of payments billion central bank colonies commercial banks convertibility cost credibility currency board arrangement currency board rule currency board system debt deposits deutsche mark devaluation domestic assets Domingo Cavallo economic policy establish a currency Estonia financial crisis fiscal authority fiscal discipline fiscal policy fixed exchange rate foreign exchange foreign reserves Fred Bergsten Gary Clyde Hufbauer gold-standard adjustment mechanism Hanke and Schuler Hong Kong dollar interest rates International Economics ISBN cloth issue Jeffrey John Williamson Jonung kroon large countries last resort Latvia lender of last ment Mexico monetary base monetary policy money supply nominal anchor open economies Osband and Villanueva payments adjustment percent of GDP pressures productivity bias rency board reserve center reserve currency reserve-currency assets Russia and Ukraine seigniorage Singapore small countries tion undervalued World Economy