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The Estonian Currency Board

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  • Andres Sutt
  • Basil B. Zavoiceo
  • Adalbert Knöbl
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    Abstract

    This paper reviews the history of the introduction of the Estonian kroon under a currency board arrangement. On June 20, 1992, Estonia became the first country from the former Soviet Union to abandon the Russian ruble and introduce its own currency. The paper looks at the factors behind this decision and discusses the implementation of the currency reform. It then assesses the economic impact of the reform and also compares Estonia''s experience with that of its Baltic neighbors. It concludes that although the currency board arrangement made an important contribution to the early success of Estonia''s economic stabilization and reform program, the underlying financial and structural policies were crucial for that success.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15845
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/96.

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    Length: 23
    Date of creation: 01 May 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/96

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    Cited by:
    1. Jaan Masso & Karsten Staehr, 2005. "Inflation Dynamics And Nominal Adjustment In The Baltic States," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 35, Faculty of Economics and Business Administration, University of Tartu (Estonia).
    2. Dalia Grigonyté, 2003. "Impact of Currency Boards on Fiscal Policy in Central and Eastern European Countries," Economic Change and Restructuring, Springer, vol. 36(2), pages 111-133, June.

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