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Zur Theorie des Currency Boards

Author

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  • Fuhrmann Wilfried

    (Universität Potsdam Institut für MakroÖkonomik August-Bebel-Straße 89 D -14482 Potsdam)

Abstract

Α Currency Board (CB) does not fly on its own wings. Monetary stabilization requires more than establishing a CB. Of course, the fixing of the exchange rate to an adequate anchor currency, a reserve ratio of 100 per cent for the monetary base (and by this foreign reserves) and, in avoidance of a reduced reputation, transparent rules for changes by a qualified majority in parliament only are important characteristics. Further indispensable essentials are an effective banking-supervision as well as the control of the money-creation on the base of domestic sources by means of a minimum-reserve-requirement, especially in countries under transition, or other efficient measures. This may be done by an independent central bank with additional boards, as there are a Banking Board and a Supervision- Agency, beside the CB.

Suggested Citation

  • Fuhrmann Wilfried, 1999. "Zur Theorie des Currency Boards," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 48(1), pages 85-104, April.
    • Handle: RePEc:lus:zwipol:v:48:y:1999:i:1:p:85-104:n:6
    DOI: 10.1515/zfwp-1999-0106
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    Cited by:

    1. Maute, Jutta, 2002. "Stabilization via currency board," Violette Reihe: Schriftenreihe des Promotionsschwerpunkts "Globalisierung und Beschäftigung" 18/2002, University of Hohenheim, Carl von Ossietzky University Oldenburg, Evangelisches Studienwerk.
    2. Wessolly, Robert & Wienert, Helmut, 2002. "Die argentinische Währungskrise," Beiträge der Hochschule Pforzheim 106, Pforzheim University.
    3. Sell, Friedrich L., 1999. "Die EWWU als Club: Positive und normative Implikationen für den Beitritt mittel- und osteuropäischer Reformstaaten," Working Papers in Economics 1999,4, Bundeswehr University Munich, Economic Research Group.
    4. Jochem, Axel, 1999. "Währungspolitische Interdependenz der EU-Beitrittskandidaten und die Wahl eines geeigneten Wechselkurssystems," Working Papers in Economics 1999,5, Bundeswehr University Munich, Economic Research Group.

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