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The Currency Board Monetary System – A Survey of Financial Crises

Author

Listed:
  • Miloni Madan

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

  • Alec Maki

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

We survey financial crises in currency board systems to examine potential flaws in these regimes. We examine to what extent currency boards were involved in the lead-up to crises in Argentina, Bermuda, Bulgaria, Estonia, India, Hong Kong, Lithuania, Palestine, the Philippines, and the Straits Settlements (Singapore). Using contemporary accounts and authoritative later analyses, the paper makes conclusions about the root causes and ultimate triggers of these financial crises in relation to currency boards.

Suggested Citation

  • Miloni Madan & Alec Maki, 2016. "The Currency Board Monetary System – A Survey of Financial Crises," Studies in Applied Economics 52, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0052
    as

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    References listed on IDEAS

    as
    1. Iikka Korhonen, 2000. "Currency Boards in the Baltic Countries: What Have We Learned?," Post-Communist Economies, Taylor & Francis Journals, vol. 12(1), pages 25-46.
    2. Charles Weintraub & Kurt Schuler, 2013. "India’s Paper Currency Department (1862-1935) as a Quasi Currency Board," Studies in Applied Economics 9, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    3. Gerardo della Paolera & Alan M. Taylor, 1997. "Finance and Development in an Emerging Market: Argentina and the Interwar Period," NBER Working Papers 6236, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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