Rivera-Batiz, Luis A.; Sy, Amadou N. R. - In: Annals of Economics and Finance 14 (2013) 2, pp. 831-870
Currency boards operate differently from standard pegs. The former exhibit greater currency stability and lower …'s (1994) signaling model to consider the choice between currency board arrangements and standard pegs. The model shows that … currency boards' effectiveness hinges on their credibility properties and that they can improve welfare even with high …