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Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission

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  • Jean-Baptiste Desquilbet
  • Nikolay Nenovsky

Abstract

It is often maintained that currency boards and gold standards are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of an automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes ( 1) from the perspective of the sources confidence, namely convertibility, endogeneity and the international context, and ( 2) looking at the operation of the adjustment mechanism, more specifically the financial environment, automatism, and asymmetry.

Suggested Citation

  • Jean-Baptiste Desquilbet & Nikolay Nenovsky, 2005. "Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission," Mondes en développement, De Boeck Université, vol. 130(2), pages 77-93.
  • Handle: RePEc:cai:meddbu:med_130_0077
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    References listed on IDEAS

    as
    1. Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, pages 55-72.
    2. Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," IMF Working Papers 03/160, International Monetary Fund.
    3. Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, pages 1-44.
    4. Michael D. Bordo & Marc Flandreau, 2003. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Chapters,in: Globalization in Historical Perspective, pages 417-472 National Bureau of Economic Research, Inc.
    5. della Paolera, Gerardo & Taylor, Alan M., 2002. "Internal versus external convertibility and emerging-market crises: lessons from Argentine history," Explorations in Economic History, Elsevier, vol. 39(4), pages 357-389, October.
    6. Nikolay Nenovsky & Yorgos Rizopoulos, 2004. "Peut-on mesurer le changement institutionnel du régime monétaire ?," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 17-36.
    7. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, pages 1-44.
    8. Luis Catão & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
    9. Uche, Chibuike Ugochukwu, 1997. "Bank of England vs the IBRD: Did the Nigerian Colony Deserve a Central Bank?," Explorations in Economic History, Elsevier, vol. 34(2), pages 220-241, April.
    10. K. Hristov & Nikolay Nenovsky, 2002. "New Currency Boards and Discretion. The empirical Evidence from Bulgaria," Post-Print halshs-00259875, HAL.
    11. Michael Bordo & Michael Edelstein, 1999. "Was Adherence to the Gold Standard a "Good Housekeeping Seal of Approval" During the Interwar Period?," NBER Working Papers 7186, National Bureau of Economic Research, Inc.
    12. E. V. K. Fitzgerald & Frances Stewart, 1997. "Editors' introduction," Oxford Development Studies, Taylor & Francis Journals, pages 5-10.
    13. Marie-Thérèse Camilleri Gilson, 2002. "Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards," OECD Economics Department Working Papers 330, OECD Publishing.
    14. Bordo, Michael D. & MacDonald, Ronald, 2003. "The inter-war gold exchange standard: credibility and monetary independence," Journal of International Money and Finance, Elsevier, pages 1-32.
    15. William Poole, 2003. "Institutions for stable prices: how to design an optimal central bank law," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-6.
    16. Bordo, Michael D. & MacDonald, Ronald, 2003. "The inter-war gold exchange standard: credibility and monetary independence," Journal of International Money and Finance, Elsevier, pages 1-32.
    17. J.B. Desquilbet & Nikolay Nenovsky, 2003. "Exploring the Currency board mechanics'. A basic formal model," Post-Print halshs-00259817, HAL.
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    Keywords

    monetary regime; gold standard; currency board;

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