COMBES, Jean-Louis; VEYRUNE, Romain - Centre d'Études et de Recherches sur le Développement … - 2002
Since Krugman 1979, we know that the fixed exchange rate regimes have a propensity to fail because governments are unable to commit simple monetary rule in order to avoid divergence between base money supply and reserve variations. The currency boards (CB) propose a radical solution: an...