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Credibility and adjustment: gold standards and currency boards compared


  • J.B. Desquilbert
  • Nikolay Nenovsky

    () (LEO - Laboratoire d'économie d'Orleans - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)


No abstract is available for this item.

Suggested Citation

  • J.B. Desquilbert & Nikolay Nenovsky, 2004. "Credibility and adjustment: gold standards and currency boards compared," Post-Print halshs-00259746, HAL.
  • Handle: RePEc:hal:journl:halshs-00259746
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    References listed on IDEAS

    1. Jànos Kornai, 2000. "What the Change of System from Socialism to Capitalism Does and Does Not Mean," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 27-42, Winter.
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    3. Eichengreen, Barry & Rose, Andrew K & Wyplosz, Charles, 1996. "Contagious Currency Crises," CEPR Discussion Papers 1453, C.E.P.R. Discussion Papers.
    4. Koford, Kenneth, 2000. "Citizen restraints on "Leviathan" government: transition politics in Bulgaria," European Journal of Political Economy, Elsevier, vol. 16(2), pages 307-338, June.
    5. Eichengreen, Barry & Rose, Andrew & Wyplosz, Charles, 1996. " Contagious Currency Crises: First Tests," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 463-484, December.
    6. Roberto Chang & Andres Velasco, 1998. "Financial crises in emerging markets: a canonical model," FRB Atlanta Working Paper 98-10, Federal Reserve Bank of Atlanta.
    7. Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central banks in European emerging market economies in the 1990s," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 45-70.
    8. de Haan, Jakob & Berger, Helge & van Fraassen, Erik, 2001. "How to reduce inflation: an independent central bank or a currency board? The experience of the Baltic countries," Emerging Markets Review, Elsevier, vol. 2(3), pages 218-243, September.
    9. Kenneth Koford & Adrian E. Tschoegl, 1997. "Problems of Bank Lending in Bulgaria: Information Asymmetry and Institutional Learning," Center for Financial Institutions Working Papers 97-41, Wharton School Center for Financial Institutions, University of Pennsylvania.
    10. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-272, January.
    11. Zeljko Sevic (ed.), 2002. "Banking Reforms in South-East Europe," Books, Edward Elgar Publishing, number 2095.
    12. Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, vol. 7(1), pages 625-650, March.
    13. Goodhart, C A E, 1987. "Why Do Banks Need a Central Bank?," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 75-89, March.
    14. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 3-22.
    15. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
    16. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    17. Corrinne Ho, 2002. "A survey of the institutional and operational aspects of modern-day currency boards," BIS Working Papers 110, Bank for International Settlements.
    18. Dobrinsky, Rumen, 2000. "The Transition Crisis in Bulgaria," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 581-602, September.
    19. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "Paper tigers?: A model of the Asian crisis," European Economic Review, Elsevier, vol. 43(7), pages 1211-1236, June.
    20. Hermes, Niels & Lensink, Robert, 2000. "Financial system development in transition economies," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 507-524, April.
    21. Edda Zoli, 2001. "Cost and Effectiveness of Banking Sector Restructuring in Transition Economies," IMF Working Papers 01/157, International Monetary Fund.
    22. G. Caporale & K. Hristov & J. Miller & Nikolay Nenovsky & B. Petrov, 2002. "The Banking System in Bulgaria," Post-Print halshs-00259479, HAL.
    23. Charles A. E. Goodhart & Haizhou Huang, 1999. "A model of the lender of last resort," Proceedings, Federal Reserve Bank of San Francisco.
    24. Chang, Roberto & Velasco, Andres, 2001. "Monetary policy in a dollarized economy where balance sheets matter," Journal of Development Economics, Elsevier, vol. 66(2), pages 445-464, December.
    25. Rudiger Dornbusch & Jacob A. Frenkel, 1984. "The Gold Standard and the Bank of England in the Crisis of 1847," NBER Chapters,in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 233-276 National Bureau of Economic Research, Inc.
    26. Nikolaynenovsky Kalinhristov & Mihail Mihaylov, 2002. "Comparing the Institutional and Organizational Design of Currency Boards in Transition Countries," Eastern European Economics, Taylor & Francis Journals, vol. 40(1), pages 6-35, January.
    27. Allan Drazen, 2000. "Political Contagion in Currency Crises," NBER Chapters,in: Currency Crises, pages 47-67 National Bureau of Economic Research, Inc.
    28. Nikolay Nenovsky, 1999. "Une économie en transition a-t-elle vraiment besoin d'une Banque Centrale? (la caisse d'émission en Bulgarie)," Post-Print halshs-00260095, HAL.
    29. Kenneth Koford, 2000. "Citizen Restraints on “Leviathan” Government: Transition Politics in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 30-62.
    30. Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April.
    31. Buch, Claudia M & Heinrich, Ralph P, 1999. "Twin Crises and the Intermediary Role of Banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(4), pages 313-323, October.
    32. Ronald I. McKinnon & Huw Pill, 1996. "Credible Liberalizations and International Capital Flows: The "Overborrowing Syndrome"," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 7-50 National Bureau of Economic Research, Inc.
    33. repec:mes:jeciss:v:37:y:2003:i:4:p:909-941 is not listed on IDEAS
    34. K. Hristov & Nikolay Nenovsky, 2002. "New Currency Boards and Discretion. The empirical Evidence from Bulgaria," Post-Print halshs-00259875, HAL.
    35. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
    36. Maurice Obstfeld, 1994. "The Logic of Currency Crises," NBER Working Papers 4640, National Bureau of Economic Research, Inc.
    37. Nikolay Nenovsky & Yorgos Rizopoulos, 2003. "Extreme Monetary Regime Change: Evidence from Currency Board Introduction in Bulgaria," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(4), pages 909-941, December.
    38. K. Hristov & M. Mihaylov & Nikolay Nenovsky, 2002. "Comparing institutional and organizational design of Currency Boards in transition countries," Post-Print halshs-00259880, HAL.
    39. Komulainen, Tuomas, 2001. "Currency crises in emerging markets : Capital flows and herding behaviour," BOFIT Discussion Papers 10/2001, Bank of Finland, Institute for Economies in Transition.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Alain Raybaut & Dominique Torre, 2004. "Unions monétaires, caisses d'émission et dollarisation : les fondements analytiques des systèmes de change « ultra-fixes »," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 37-54.
    2. Neven T. Valev & John A. Carlson, 2007. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 10(2), pages 111-121.


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