On dollarization and currency boards: Error and deception
A diagnosis of the laws and balance sheets of the monetary authorities in Argentina, Bosnia, Bulgaria, Estonia, Hong Kong and Lithuania is presented. With the exception of Bosnia, all employ active monetary policies and engage in sterilization. Accordingly, they are not currency boards. The methods used to dismantle the Argentine system in 2001, prior to its eventual abandonment, are presented. An evaluation of the Hong Kong system (1997-1998) suggests that its so-called currency board was not a party to counter-speculation in the stock market. Evidence is presented to show how deception was employed by the US and the IMF during the Indonesian currency board debate (1998) as a means to engineer a political regime change.
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Volume (Year): 5 (2002)
Issue (Month): 4 ()
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References listed on IDEAS
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- Christopher L. Culp & Steve H. Hanke & Merton H. Miller, 1999. "The Case For An Indonesian Currency Board," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(4), pages 57-65.
- Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
- Kevin Dowd, 1998. "Monetary Policy in the 21st Century: An Impossible Task?," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
- Carlos E. Zarazaga, 1995. "Can currency boards prevent devaluations and financial meltdowns?," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 6-9.
- Stanley Fischer, 2002. "Financial Crises and Reform of the International Financial System," NBER Working Papers 9297, National Bureau of Economic Research, Inc.