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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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    Citations

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    Cited by:

    1. P. Honohan, 1997. "Currency board or central bank? Lessons from the Irish pound’s link with sterling, 1928-79," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 50(200), pages 39-67.
    2. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
    3. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
    4. V. Vensel, 1996. "The Political Economy of Macroeconomic Developments, Central Bank and Tax System," CERT Discussion Papers 9606, Centre for Economic Reform and Transformation, Heriot Watt University.
    5. Jérôme Sgard, 1996. "Credit Crisis and the Role of Banks During Transition: a Five-Country Comparison," Working Papers 1996-08, CEPII research center.
    6. repec:lic:licosd:9601 is not listed on IDEAS
    7. Holger Wolf, 2016. "Currency boards as a path towards the Eurozone: lessons from the Baltics," International Economics and Economic Policy, Springer, vol. 13(1), pages 45-57, January.
    8. Schrader, Klaus, 1994. "Estland auf dem Weg zur Marktwirtschaft: eine Zwischenbilanz," Kiel Discussion Papers 226, Kiel Institute for the World Economy (IfW Kiel).
    9. Rainer Schweickert, 1995. "Searching for credible exchange rate regimes in the former Soviet Union," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 30(3), pages 126-132, May.
    10. Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April.
    11. Nikolay Nenovsky, 2001. "The Currency Board in Estonia, Lithuania and Bulgaria: Comparative Analysis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 24-45.
    12. Schweickert, Rainer, 1998. "Chancen und Risiken eines Currency Board Systems," Open Access Publications from Kiel Institute for the World Economy 1786, Kiel Institute for the World Economy (IfW Kiel).
    13. Andreas Freytag, 2005. "The credibility of monetary reform – New evidence," Public Choice, Springer, vol. 124(3), pages 391-409, September.
    14. Jorge Braga de Macedo & José Braz & Luis Brites Pereira & Luis C. Nunes, 2006. "Exchange market pressure and the credibility of Macau's currency Board," Nova SBE Working Paper Series wp492, Universidade Nova de Lisboa, Nova School of Business and Economics.
    15. Chris Melliss & Mark Cornelius, 1994. "New currencies in the Former Soviet Union: a recipe for hyperinflation or the path to price stability," Bank of England working papers 26, Bank of England.
    16. 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.
    17. 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.
    18. de Haan, Jakob & Berger, Helge & van Fraassen, Erik, 2001. "How to reduce inflation: an independent central bank or a currency board? The experience of the Baltic countries," Emerging Markets Review, Elsevier, vol. 2(3), pages 218-243, September.
    19. Jacques Le Cacheux & Sandrine Cazes, 1994. "Échanges extérieurs et paiements dans les Républiques de la CEI," Revue Économique, Programme National Persée, vol. 45(3), pages 561-574.
    20. Petracchi, Cosimo, 2022. "The Mussa puzzle: A generalization," European Economic Review, Elsevier, vol. 149(C).
    21. Matthias Sutter, 1996. "A currency board for European Monetary Union outsiders," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 31(3), pages 131-138, May.

    More about this item

    JEL classification:

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

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