Currency Board Arrangements: Issues and Experiences
International Monetary Fund, Sep 5, 1997 - Business & Economics - 43 pages
This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.
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adjustment appreciation Argentina backing rule Bank of Estonia bank's banking crises banking system Brunei Darussalam capital inflows Caribbean Central Bank CBA countries CBA was introduced central bank commercial banks convertibility currency board arrangement decline deposit rate depreciation devaluation Djibouti domestic assets Eastern Caribbean Central ECCB Economic Effective Exchange Rates established Estonia and Lithuania Exchange Fund exit Experience facilities fiscal deficits fixed exchange rate foreign assets foreign exchange foreign reserves gold growth HKMA Hong Kong dollar Hong Kong Monetary HSBC increase inflation interest rate convergence International Financial Statistics International Monetary Fund international reserves issued Kong Monetary Authority Latvia liabilities limited liquidity requirements LOLR support Malaysia ment Mexican crisis monetary operations monetary policy money market parity payments system percent peso programs prudential quidity real exchange rate rediscounts rency repos reserve currency reserve money reserve requirements restrictions risk sector Singapore stabilization tablita tion U.S. dollar