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The Estonian Currency Board; Its Introduction and Role in the Early Success of Estonia's Transition to a Market Economy

  • Andres Sutt
  • Basil B. Zavoiceo
  • Adalbert Knöbl
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    This paper reviews the history of the introduction of the Estonian kroon under a currency board arrangement. On June 20, 1992, Estonia became the first country from the former Soviet Union to abandon the Russian ruble and introduce its own currency. The paper looks at the factors behind this decision and discusses the implementation of the currency reform. It then assesses the economic impact of the reform and also compares Estonia's experience with that of its Baltic neighbors. It concludes that although the currency board arrangement made an important contribution to the early success of Estonia's economic stabilization and reform program, the underlying financial and structural policies were crucial for that success.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/96.

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    Length: 23
    Date of creation: 01 May 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/96
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    1. Michael Marrese & Mark Scott Lutz & Tapio Saavalainen & Vincent Koen & Biswajit Banerjee & Thomas Krueger, 1995. "Road Maps of the Transition; The Baltics, the Czech Republic, Hungary, and Russia," IMF Occasional Papers 127, International Monetary Fund.
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