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Crédibilité et currency board : le cas lituanien

  • Jérôme Blanc


    (LEFI - Laboratoire d'Economie de la Firme et des Institutions - UL2 - Université Lumière - Lyon 2)

  • Jean-François Ponsot

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - Grenoble 2 UPMF - Université Pierre Mendès France - CNRS)

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 1995-96. 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.

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Paper provided by HAL in its series Post-Print with number halshs-00144002.

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Date of creation: 2004
Date of revision:
Publication status: Published in Revue d'économie financière, AEF, 2004, pp.113-127
Handle: RePEc:hal:journl:halshs-00144002
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  1. Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00260066, HAL.
  2. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  3. Kornélia Krajnyák & Jeromin Zettelmeyer, 1998. "Competitiveness in Transition Economies: What Scope for Real Appreciation?," IMF Staff Papers, Palgrave Macmillan, vol. 45(2), pages 309-362, June.
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