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On dollarization and currency boards: Error and deception

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  • Steve Hanke
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    Abstract

    A diagnosis of the laws and balance sheets of the monetary authorities in Argentina, Bosnia, Bulgaria, Estonia, Hong Kong and Lithuania is presented. With the exception of Bosnia, all employ active monetary policies and engage in sterilization. Accordingly, they are not currency boards. The methods used to dismantle the Argentine system in 2001, prior to its eventual abandonment, are presented. An evaluation of the Hong Kong system (1997-1998) suggests that its so-called currency board was not a party to counter-speculation in the stock market. Evidence is presented to show how deception was employed by the US and the IMF during the Indonesian currency board debate (1998) as a means to engineer a political regime change.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

    Volume (Year): 5 (2002)
    Issue (Month): 4 ()
    Pages: 203-222

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    Handle: RePEc:taf:jpolrf:v:5:y:2002:i:4:p:203-222

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    Related research

    Keywords: Dollarization; Currency Boards; Exchange-rate Regimes; Sterilization;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
    2. Christopher L. Culp & Steve H. Hanke & Merton H. Miller, 1999. "The Case For An Indonesian Currency Board," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(4), pages 57-65.
    3. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
    4. Stanley Fischer, 2002. "Financial Crises and Reform of the International Financial System," NBER Working Papers 9297, National Bureau of Economic Research, Inc.
    5. Carlos E. Zarazaga, 1995. "Can currency boards prevent devaluations and financial meltdowns?," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 6-9.
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    Cited by:
    1. Dominique Torre & Alain Raybaut, 2004. "Unions monétaires, caisses d'émission et dollarisation : les fondements analytiques des systèmes de change « ultra-fixes »," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 37-54.
    2. Neven T. Valev & John A. Carlson, 2007. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 10(2), pages 111-121.
    3. Jérôme Blanc, 2014. ""Argentina o dolarización", ou quand la monnaie revient à la souveraineté," Post-Print halshs-01016336, HAL.
    4. Vladimir Popov, 2011. "To devaluate or not to devalue? How East European countries responded to the outflow of capital in 1997-99 and in 2008-09," Working Papers w0154, Center for Economic and Financial Research (CEFIR).
    5. Moustapha Aman & Nikolay Nenovsky & Ismeal Mahamoud, 2014. "Le système informel de transferts de fonds et le mécanisme automatique du Currency Board : Complémentarité ou antagonisme ?," Working Papers halshs-01012133, HAL.
    6. Steve Hanke, 2003. "Money and the rule of law in ecuador," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 6(3), pages 131-145.
    7. Ross H. McLeod, 2014. "The ill-fated currency board proposal for Indonesia," Departmental Working Papers 2014-02, The Australian National University, Arndt-Corden Department of Economics.
    8. Jean Baptiste Desquilbet & Nikolay Nenovsky, 2004. "Credibility and adjustment: gold standards versus currency boards," William Davidson Institute Working Papers Series 2004-692, William Davidson Institute at the University of Michigan.
    9. Tas, Bedri Kamil Onur & Togay, Selahattin, 2010. "Optimal monetary policy regime for oil producing developing economies: Implications for post-war Iraq," Economic Modelling, Elsevier, vol. 27(5), pages 1324-1336, September.
    10. Nikolay Nenovsky, 2009. "Monetary Regimes in Post-Communist Countries. Some Long-Term Reflections," Working paper series 12009en, Agency for Economic Analysis and Forecasting.
    11. Makochekanwa, Albert, 2009. "Zimbabwe’s Currency Crisis: Which Currency To Adopt In The Aftermath Of The Multi-Currency Regime?," MPRA Paper 22463, University Library of Munich, Germany.

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