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Les deux générations de Currency Boards. Intégration monétaire coloniale vs. crédibilité monétaire

Author

Listed:
  • Jean-François Ponsot

    (UGA UFR FEG - Université Grenoble Alpes - Faculté d'Économie de Grenoble - UGA - Université Grenoble Alpes, PACTE - Pacte, Laboratoire de sciences sociales - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble-UGA - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes)

Abstract

Colonial currency boards and those that emerged in some emerging economies at the end of the 20th century have a common purpose to guarantee stability and monetary convertibility. This objective nevertheless responds to very different imperatives according to the periods. The first generation of Currency Boards were designed to reinforce the sterling area's homogenisation and the integration of the colonies into the British empire in order to consolidate the colonization dynamic. The second generation of Currency Boards aimed to establish the monetary credibility required by the dynamics of international integration for emerging economies, in a context of globalised finance. The heavy constraints associated with this monetary regime sometimes generate credibility problems and raise the question of the sustainability of this monetary regime.

Suggested Citation

  • Jean-François Ponsot, 2025. "Les deux générations de Currency Boards. Intégration monétaire coloniale vs. crédibilité monétaire," Post-Print hal-05387612, HAL.
    • Handle: RePEc:hal:journl:hal-05387612
    DOI: 10.48611/isbn.978-2-406-18601-4.p.0225
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