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Banking board et currency board


  • Laurent Le Maux


Currency board arrangement is commonly presented as the sole regime of convertibility of national money into a reverve money. Nevertheless, this system holds two drawbacks, the bearing of exchange risk and the absence of lender of last resort, even if the second disadvantage is supposed to eliminate the first one. So, this article suggests an alternative to currency board arrangement, and also to official dollarization sometime proposed to cancel exchange risk. This alternative derived from the Banking School views and called here ?banking board? eliminates exchange risk, provides the system with a real lender of last resort and resolves more precisely banking crises because of the absence of twin crises.

Suggested Citation

  • Laurent Le Maux, 2006. "Banking board et currency board," Revue d'économie politique, Dalloz, vol. 116(4), pages 575-599.
  • Handle: RePEc:cai:repdal:redp_164_0575

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    Cited by:

    1. Romain VEYRUNE, 2002. "Monnaie et convertibilité : trois expériences historiques," Working Papers 200216, CERDI.


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