The Operation of the Estonian Currency Board
This paper describes the operation of the Estonian currency board arrangement that has pegged the Estonian kroon to the deutsche mark since June 20, 1992, when Estonia left the ruble zone and introduced its own currency. The paper describes the institutional arrangements that were chosen for Estonia and discusses the implications for policy, markets, and program design. After reviewing the performance of the system over the first nine months of its operation, the paper considers how the arrangement will function over the medium term.
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Volume (Year): 40 (1993)
Issue (Month): 2 (June)
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