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The Meaning of Currency Board for Fiscal Discipline and Economic Growth: The Case of Selected Post-transitional Countries

In: Financije teorija i suvremena pitanja = Finance - theory and contemporary issues

Author

Listed:
  • Mario Pečarić

    (University of Split, Faculty of Economics)

  • Tea Poklepović

    (University of Split, Faculty of Economics)

  • Dario Čobanov

Abstract

The topic of this work is the importance of exchange rate regime choice for economic growth and public debt in post-transition countries with a special emphasis on currency board. In the theoretical part of the work, brief review of exchange rate regimes is presented and a special emphasis is made on currency board systems, including its characteristics, models, advantages and disadvantages. For the purpose of this research, a hypothesis that currency board has been exhibited better performances taking into account growth rate and fiscal discipline has been empirically tested using t-test. The sample covered eight CEE countries from 2000 to 2014. Results obtained by this analysis confirmed the default hypothesis. The argument that the currency board system has a better impact on economic growth and public debt due to the fiscal discipline it brings, has proved to be correct.

Suggested Citation

  • Mario Pečarić & Tea Poklepović & Dario Čobanov, 2018. "The Meaning of Currency Board for Fiscal Discipline and Economic Growth: The Case of Selected Post-transitional Countries," Occasional Publications, in: Financije teorija i suvremena pitanja = Finance - theory and contemporary issues, edition 1, volume 1, chapter 11, pages 253-276, Josip Juraj Strossmayer University of Osijek, Faculty of Economics.
    • Handle: RePEc:osi:chaptr:18-11
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    More about this item

    Keywords

    exchange rate regimes; currency board; public debt; fiscal discipline;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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