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Currency Board: From Stabilization to Full Dollarization? The Argentine Experience

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  • Ferro, Gustavo

Abstract

The aim of this work is to present in a systematic way elements around the debate on the persistence of a central bank arrangement, currency boards or the Dollarization option. In some special circumstances, both later arrangements could be desirable. They are not a universal panacea in the way to stabilization and sound growth. The case of Argentina in recent decades is analyzed. There, the currency board could be an intermediate step to full Dollarization.

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File URL: http://mpra.ub.uni-muenchen.de/15353/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15353.

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Date of creation: Aug 2001
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Handle: RePEc:pra:mprapa:15353

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Related research

Keywords: Dollarization; Currency Board; Argentina;

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References

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  1. Roberto Chang, 2000. "Dollarization: a scorecard," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 1-12.
  2. Carlos E. Zarazaga, 1995. "Argentina, Mexico, and currency boards: another case of rules versus discretion," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 14-24.
  3. Robert Mundell, 2000. "Currency Areas, Exchange Rate Systems and International Monetary Reform," CEMA Working Papers: Serie Documentos de Trabajo. 167, Universidad del CEMA.
  4. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
  5. Francois R. Velde & Marcelo Veracierto, 1999. "Dollarization in Argentina," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Jun.
  6. Atish R. Ghosh, 1998. "Currency Boards," IMF Working Papers 98/8, International Monetary Fund.
  7. Anne Marie Gulde & Juha Kähkönen & Peter Keller, 2000. "Pros and Cons of Currency Board Arrangements in the Lead-Up to EU Accession and Participation in the Euro Zone," IMF Policy Discussion Papers 00/1, International Monetary Fund.
  8. 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.
  9. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
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