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Estonian Monetary System: Reconstruction, Performance, and Future Prospects

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  • Sõrg, Mart
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    Abstract

    Nearly twenty years have passed since the beginning of the transition from the planned economy to the market economy system in Estonia. A successful transition to a market economy requires a sound currency and Estonia introduced its own currency in June 1992. Estonia has been quite successful in achieving economic stability and growth and steadily declining inflation. An essential element of Estonia?s economic development success has been the currency board-based monetary system that has served as a signal of commitment to prudent monetary policy and as a guarantee of sound money during the transition period. We discuss the experience of operating the currency board in Estonia and future prospects of the currency board arrangement in Estonia in the framework of the European Union and the future joining the Economic and Monetary Union. --

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    Paper provided by Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics in its series Wirtschaftswissenschaftliche Diskussionspapiere with number 11/2004.

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    Date of creation: 2004
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    Handle: RePEc:zbw:grewdp:112004

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    Keywords: monetary system; currency reform; currency board; monetary policy;

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    1. Yum K. Kwan & Francis Lui, 1999. "Hong Kong's Currency Board and Changing Monetary Regimes," NBER Chapters, in: Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues (NBER-EASE volume 7), pages 403-436 National Bureau of Economic Research, Inc.
    2. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, American Economic Association, vol. 90(2), pages 65-70, May.
    3. Dimitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 71, Oesterreichische Nationalbank (Austrian Central Bank).
    4. Jarko Fidrmuc & Iikka Korhonen, 2004. "The Euro goes East: Implications of the 2000–2002 Economic Slowdown for Synchronisation of Business Cycles between the Euro area and CEECs," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 45-62, March.
    5. Jacob De Haan & Helge Berger & Erik Van Fraassen, 2001. "How to Reduce Inflation: An Independent Central Bank or A Currency Board? The Experience of the Baltic Countries," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 9601, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    6. Korhonen, Iikka, 1999. "Currency Boards in the Baltic Countries: What Have We Learned?," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 6/1999, Bank of Finland, Institute for Economies in Transition.
    7. Reinhart, Carmen, 2000. "The mirage of floating exchange rates," MPRA Paper 13736, University Library of Munich, Germany.
    8. Iika Korhonen & Mare Randveer, 2000. "Assessment of the Euro\'s implications for European economic development," Bank of Estonia Working Papers, Bank of Estonia 2000-2, Bank of Estonia, revised 11 Oct 2000.
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