Crédibilité et currency board : le cas lituanien
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.
|Date of creation:||2004|
|Date of revision:|
|Publication status:||Published in Revue d'économie financière, AEF, 2004, pp.113-127|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00144002|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jean-François Ponsot, 2015. "Currency boards," Post-Print halshs-01114814, HAL.
- Kornelia Krajnyak & Jeronimo Zettelmeyer, 1997.
"Competitiveness in Transition Economies; What Scope for Real Appreciation?,"
IMF Working Papers
97/149, International Monetary Fund.
- KornÃ©lia KrajnyÃ¡k & Jeromin Zettelmeyer, 1998. "Competitiveness in Transition Economies: What Scope for Real Appreciation?," IMF Staff Papers, Palgrave Macmillan, vol. 45(2), pages 309-362, June.
- 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.
- K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2001.
"Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania,"
- Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(4), pages 1-44, December.
- Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00260066, HAL.
- K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Post-Print halshs-00259886, HAL.
When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00144002. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.