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A survey of the institutional and operational aspects of modern-day currency boards

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Author Info
Corrinne Ho
Abstract

This paper surveys the institutional and operational features of the six modern currency boards. The survey is developed around three key aspects: organisation, operations and legal foundation. By laying out the facts, this survey seeks to shed light on how and why modern currency boards in practice are different from the classic definition, and to distil from their features an updated definition and the revised "rules of the game".

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Publisher Info
Paper provided by Bank for International Settlements in its series BIS Working Papers with number 110.

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Length: 25 pages
Date of creation: Mar 2002
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Handle: RePEc:bis:biswps:110

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

References listed on IDEAS
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.:

  1. Caprio, Gerard Jr. & Dooley, Michael & Leipziger, Danny & Walsh, Carl, 1996. "The lender of last resort function under a currency board : the case of Argentina," Policy Research Working Paper Series 1648, The World Bank. [Downloadable!]
    Other versions:
  2. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August. [Downloadable!] (restricted)
    Other versions:
  3. Schwartz, Anna J., 1993. "Currency boards: their past, present, and possible future role," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39, pages 147-187, December. [Downloadable!] (restricted)
  4. Charles Enoch & Tomás J. T. Baliño, 1997. "Currency Board Arrangements: Issues and Experiences," IMF Occasional Papers 151, International Monetary Fund.
  5. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
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(explanations, 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.)

  1. Cappiello, Antonio, 2006. "Currency boards as instrument for economic stabilisation: how they work and where they are adopted," MPRA Paper 4966, University Library of Munich, Germany. [Downloadable!]
  2. Neven T. Valev, 2005. "From a currency board to the euro: Public attitudes toward unilateral euroization in Bulgaria," William Davidson Institute Working Papers Series wp736, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  3. Switgard Feuerstein & Oliver Grimm, 2004. "On the Credibility of Currency Boards," Center for European, Governance and Economic Development Research (cege) Discussion Papers 36, Center for European, Governance and Economic Development Research, University of Goettingen (Germany).. [Downloadable!]
  4. Neven T. Valev, 2004. "From a Currency Board to the Euro: Public Attitudes toward Unilateral Euroization in Bulgaria," International Studies Program Working Paper Series, at AYSPS, GSU paper0423, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  5. Oliver Grimm, 2007. "Fiscal Discipline and Stability under Currency Board Systems," Economics working paper series 07/66, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  6. Steve Hanke, 2002. "On dollarization and currency boards: error and deception," Journal of Policy Reform, Taylor and Francis Journals, vol. 5(4), pages 203-222, December. [Downloadable!] (restricted)
  7. Neven T. Valev & John A. Carlson, 2004. "Beliefs about Exchange-Rate Stability: Survey Evidence From the Currency Board in Bulgaria," William Davidson Institute Working Papers Series 2004-705, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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