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Estonian Monetary System: Reconstruction, Performance, and Future Prospects

  • Sõrg, Mart
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    Nearly twenty years have passed since the beginning of the transition from the planned economy to the market economy system in Estonia. A successful transition to a market economy requires a sound currency and Estonia introduced its own currency in June 1992. Estonia has been quite successful in achieving economic stability and growth and steadily declining inflation. An essential element of Estonia?s economic development success has been the currency board-based monetary system that has served as a signal of commitment to prudent monetary policy and as a guarantee of sound money during the transition period. We discuss the experience of operating the currency board in Estonia and future prospects of the currency board arrangement in Estonia in the framework of the European Union and the future joining the Economic and Monetary Union.

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    File URL: http://econstor.eu/bitstream/10419/22098/1/11_2004.pdf
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    Paper provided by Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics in its series Wirtschaftswissenschaftliche Diskussionspapiere with number 11/2004.

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    Date of creation: 2004
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    Handle: RePEc:zbw:grewdp:112004
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    1. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
    2. Yum K. Kwan & Francis T. Lui, 1996. "Hong Kong's Currency Board and Changing Monetary Regimes," NBER Working Papers 5723, National Bureau of Economic Research, Inc.
    3. Iikka Korhonen & Mare Randveer, 2015. "Assessment of the Euros's implications for European economic development," Bank of Estonia Working Papers wp2000-02, Bank of Estonia, revised 03 Feb 2015.
    4. Dimitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers 71, Oesterreichische Nationalbank (Austrian Central Bank).
    5. 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.
    6. Iikka Korhonen & Jarko Fidrmuc, 2003. "The euro goes East. Implications of the 2000-2002 economic slowdown for synchronisation of business cycles between the euro area and CEEs," Macroeconomics 0305007, EconWPA.
    7. 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.
    8. Reinhart, Carmen, 2000. "The mirage of floating exchange rates," MPRA Paper 13736, University Library of Munich, Germany.
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