Estonian Monetary System: Reconstruction, Performance, and Future Prospects
AbstractNearly 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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Bibliographic InfoPaper provided by Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics in its series Wirtschaftswissenschaftliche Diskussionspapiere with number 11/2004.
Date of creation: 2004
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monetary system; currency reform; currency board; monetary policy;
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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