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The Estonian Currency Board : Its Introduction and Role in the Early Success of Estonia's Transition to a Market Economy
Sutt, Andres - 2002
, 1992, Estonia became the first country from the former Soviet Union to abandon the Russian ruble and introduce its own … 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 …
Persistent link: https://www.econbiz.de/10014399419
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Private sector activity in Hong Kong SAR and the Fed : transmission effects through the Currency Board
Kang, Joong Shik - 2016
As the U.S. Fed begins to increase the Federal Funds rate, interest rates in Hong Kong SAR will rise in tandem under the Currency Board system. While domestic economic activity in Hong Kong SAR remained resilient in previous rate hike cycles, there is a concern that the impact of higher interest...
Persistent link: https://www.econbiz.de/10011434717
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Assessing banking and currency crisis risk in small states : an application to the Eastern Caribbean Currency Union
Pizzinelli, Carlo; Khan, Tariq; Ishi, Kotaro - 2021
To complement the early warning signals literature, we study the determinants of banking and currency crises for small states and currency boards. Building on the crisis dataset by Laeven and Valencia (2020), we estimate a binominal logit model to identify the determinants of crises, and as a...
Persistent link: https://www.econbiz.de/10012795145
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Dual Currency Boards : A Proposal for Currency Stability
Oppers, Stefan E. - 2000
This paper shows that extending the convertibility guarantee of the traditional currency board to a second reserve currency brings about an automatic, market-driven change of the peg when the initial reserve currency appreciates beyond a specified level. The “dual” currency board thus...
Persistent link: https://www.econbiz.de/10014400241
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Intermediation Spreads in a Dual Currency Economy : Argentina in the 1990's
Catão, Luis - 1998
The currency board arrangement and widespread dollarization of the Argentine economy since 1991 have laid the basis for domestic interest rates to converge to international levels. Although such a convergence has been observed for interest rates on bank deposits, interest rates on bank lending...
Persistent link: https://www.econbiz.de/10014400657
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Currency Boards : The Ultimate Fix?
Ghosh, Atish R. - 1998
The growing integration of world capital markets has made it fashionable to argue that only extreme exchange rate regimes are sustainable. Short of adopting a common currency, currency board arrangements represent the most extreme form of exchange rate peg. This paper compares the macroeconomic...
Persistent link: https://www.econbiz.de/10014400661
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Fixed Exchange Rates and the Autonomy of Monetary Policy : The Franc Zone Case
Veyrune, Romain - 2007
This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even though both systems faced the same exchange rate constraint. So far, the contingency...
Persistent link: https://www.econbiz.de/10014403010
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An Institutional Framework for Comparing Emerging Market Currency Boards
Camilleri Gilson, Marie-Thérèse - 2004
This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers...
Persistent link: https://www.econbiz.de/10014404156
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Exchange Rate Choices of Microstates
Imam, Patrick A. - 2010
In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated...
Persistent link: https://www.econbiz.de/10014404322
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Limiting Currency Volatility to Stimulate Goods Market Integration : A Price-Based Approach
Parsley, David C. - 2001
This paper studies the effect of instrumental and institutional stabilization of exchange rate volatility on the integration of goods markets. Rather than using data on volume of trade, this paper employs a 3-dimensional panel of prices of 95 very disaggregated goods (e.g., light bulbs) in 83...
Persistent link: https://www.econbiz.de/10014401231