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The Operation of the Estonian Currency Board

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  • Adam G. G. Bennett

    (International Monetary Fund)

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    Abstract

    This paper describes the operation of the Estonian currency board arrangement that has pegged the Estonian kroon to the deutsche mark since June 20, 1992, when Estonia left the ruble zone and introduced its own currency. The paper describes the institutional arrangements that were chosen for Estonia and discusses the implications for policy, markets, and program design. After reviewing the performance of the system over the first nine months of its operation, the paper considers how the arrangement will function over the medium term.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 40 (1993)
    Issue (Month): 2 (June)
    Pages: 451-470

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    Handle: RePEc:pal:imfstp:v:40:y:1993:i:2:p:451-470

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    Cited by:
    1. Owen F. Humpage & Jean M. McIntire, 1995. "An introduction to currency boards," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-11.
    2. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
    3. Andreas Freytag, 2004. "EMU Enlargement: Which Concept of Convergence to Apply?," Jenaer Schriften zur Wirtschaftswissenschaft 11/2004, Friedrich-Schiller-Universit├Ąt Jena, Wirtschaftswissenschaftliche Fakult├Ąt.
    4. Andreas Freytag, 2001. "Why Have Some Monetary Reforms Succeeded and Others Not? - An Empirical Assessment," IWP Discussion Paper Series 04/2001, Institute for Economic Policy, Cologne, Germany.

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