In recent years a number of countries have introduced currency boards (CB). The new generation currency boards, which is gaining swing and popularity, preserves to different degrees the central bank's ability to perform the lender of last resort function (LOLR) and leaves room for intervention in case of systemic risk. Central bank flexibility was preserved in different forms in HongKong, Argentina, Estonia, Lithuania and Bulgaria. The major questions that need answers are: (1) which are the new channels of monetary policy; (2) does an orthodox self-regulating mechanism work with second generation currency boards; (3) how are disequilibria in the economy adjusted? The theoretical hypotheses presented are checked empirically based on Bulgarian data.
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Paper provided by Ecole des Hautes Etudes Commerciales de Montreal- in its series Papers with number
2001-01.
Length: 18 pages Date of creation: 2001 Date of revision: Handle: RePEc:fth:etcomo:2001-01
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Find related papers by JEL classification: E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions F31 - International Economics - - International Finance - - - Foreign Exchange