Impact of the Currency Board System on the course of International Economic Crises
The development of the international economic crises is investigated in countries with currency board compared to countries with central banks. The couples of countries: Argentina – Brazil (at the time of the crisis in Mexico) and Hong Kong – Singapore (at the time of the crisis in SE Asia) are studied. The mechanisms are derived, due to which the countries with currency board suffer stronger collapse during the crises, and recover more slowly. The external shocks reduce considerably the growth in economies with currency board, resulting in higher unemployment rates and quicker drop in investments, aggravation of the foreign trade balance. It is mainly due to the fixed exchange rate, the inability of the governments to pursue a monetary policy and the vulnerable confidence of the economic entities in the stability of the currency board. Conclusions are made with recommendations for Bulgaria under the conditions of global economic crisis.
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Volume (Year): (2009)
Issue (Month): 6 ()
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- Eduardo Levy Yeyati & Augusto de la Torre & Sergio Schmukler, 2003.
"Living and Dying with Hard Pegs: The Rise and Fall of Argentina´s Currency Board,"
Business School Working Papers
catorce, Universidad Torcuato Di Tella.
- Augusto de la Torre & Eduardo Levy Yeyati & Sergio L. Schmukler, 2003. "Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
- De la Torre, Augusto & Levy Yeyati, Eduardo & Schmukler, Sergio L., 2003. "Living and dying with hard pegs : the rise and fall of Argentina's currency board," Policy Research Working Paper Series 2980, The World Bank.
- Ying Wu, 2005. "Determining a Modified Currency Board's Two-Period Exchange Rate Strategy," International Advances in Economic Research, International Atlantic Economic Society, vol. 11(4), pages 347-357, November.
- repec:cto:journl:v:20:y:2000:i:1:p:49-59 is not listed on IDEAS
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