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Crédibilité et currency board : le cas lituanien

Author

Listed:
  • Jérôme Blanc

    (CALW - Centre Auguste et Léon Walras - UL2 - Université Lumière - Lyon 2 - CNRS - Centre National de la Recherche Scientifique)

  • Jean-François Ponsot

    (UGA UFR FEG - Université Grenoble Alpes - Faculté d'Économie de Grenoble - UGA - Université Grenoble Alpes)

Abstract

Credibility and currency board : the Lithuanian model The lithuanian currency board established in april, 1994 came along with the monetary stability, but it did not benefit from the credibility effect which it was supposed to bring. The text tries to explain this lack of credibility. A first part examines the current hypothesis according to which the differences between the pure model of currency board, supposed to bring credibility by itself, and the lithuanian model, is at the origin of this default. A second part examines the circumstances and effects of the systemic banking crisis of 1995-1996. A third part deals with the consequences of the exogeneous shocks on the Lithuanian economy. This leads to another hypothesis : the constraints of the currency board - may it be impure - induced the need to restore discretionary capacities, what was translated as a denaturation. The lack of credibility is then the product of the currency board itself. JEL classification : E42, E52, E58, F31

Suggested Citation

  • Jérôme Blanc & Jean-François Ponsot, 2004. "Crédibilité et currency board : le cas lituanien," Post-Print hal-05387824, HAL.
    • Handle: RePEc:hal:journl:hal-05387824
    DOI: 10.3406/ecofi.2004.4896
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    Cited by:

    1. is not listed on IDEAS
    2. Jean-Baptiste Desquilbet & Nikolay Nenovsky, 2004. "Credibility and Adjustment : Gold Standards versus Currency Boards," CAE Working Papers 11, Aix-Marseille Université, CERGAM.
    3. Moustapha Aman, 2020. "Currency Board enjeux, mécanismes et limites," Working Papers hal-02975186, HAL.

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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