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The Operation of the Estonian Currency Board

Author

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  • Adam G. G. Bennett

    (International Monetary Fund)

Abstract

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.

Suggested Citation

  • Adam G. G. Bennett, 1993. "The Operation of the Estonian Currency Board," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 451-470, June.
  • Handle: RePEc:pal:imfstp:v:40:y:1993:i:2:p:451-470
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    Cited by:

    1. Carlos A. Végh Gramont & Ratna Sahay, 1995. "Dollarization in Transition Economies; Evidence and Policy Implications," IMF Working Papers 95/96, International Monetary Fund.
    2. Andreas Freytag, 2004. "EMU Enlargement: Which Concept of Convergence to Apply?," Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) 11/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
    3. Andreas Freytag, 2001. "Why Have Some Monetary Reforms Succeeded and Others Not? - An Empirical Assessment," IWP Discussion Paper Series 04/2001, Institute for Economic Policy, Cologne, Germany.
    4. Owen F. Humpage & Jean M. McIntire, 1995. "An introduction to currency boards," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-11.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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