IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries

Listed author(s):
  • Nikolaynenovsky Kalinhristov
  • Mihail Mihaylov
Registered author(s):

    The article carries out a comparative and descriptive analysis of the currency boards that have been introduced in three East European countries: Bulgaria, Estonia, and Lithuania. The initial conditions and specific features of currency boards in these three countries are presented in detail. There is also a focus on the institutional, organizational, legal, and political characteristics of these currency boards. Special attention is given to deviations from the orthodox currency board framework. Currency boards in the countries under consideration limit the scope for monetary policy, due to the presence of atypical balance sheet items and the employment of a number of monetary policy instruments. The comparison of currency board operation in the three countries reveals significant differences in the historical background of currency board adoption, institutional design, and overall macroeconomic framework. This observation does not fit completely with the generally accepted view that currency boards in the three transition economies function in a similar pattern and that the differences among them are insignificant. The article suggests some new directions for the analysis of currency boards in transition countries.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by M.E. Sharpe, Inc. in its journal Eastern European Economics.

    Volume (Year): 40 (2002)
    Issue (Month): 1 (January)
    Pages: 6-35

    in new window

    Handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:6-35
    Contact details of provider: Web page:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:mes:eaeuec:v:40:y:2002:i:1:p:6-35. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.