The resurgence of interest in currency boards prompts reconsideration of one of the Irish experience. The authors evaluate the institutional arrangements which underpinned the Irish pound for a half-century. While the regime did have a credibility which led to low interest rates and a degree of...

The resurgence of interest in currency boards prompts reconsideration of one of the Irish experience. The authors evaluate the institutional arrangements which underpinned the Irish pound for a half-century. While the regime did have a credibility which led to low interest rates and a degree of...

Contemporary views often support the idea that a high level of central bank independence, together with a clear mandate for it to restrain inflation, are important institutional devices for maintaining price stability. The meaning and policy implications of central bank independence are...

In the general context of controlling inflation, it is suggested that it may be useful to look back at how demand management worked in a small open economy. Trinidad and Tobago established a central bank in the middle of the 1960s and achieved some noteworthy initial successes with the new...

In the general context of controlling inflation, it is suggested that it may be useful to look back at how demand management worked in a small open economy. Trinidad and Tobago established a central bank in the middle of the 1960s and achieved some noteworthy initial successes with the new...

This paper analyses how the central bank's role in the monetary institutional setting can affect the unification process of the overall financial supervision architecture. Using indicators of monetary commitment and central bank independence, we claim that these legal proxies show an inverse...

The objective of this work is to offer a political delegation approach for the analysis of the financial sector supervision. Focusing on the key issue in the debate on financial supervision structure - single authority versus multi-authorities model - the paper claims that the optimal degree of...

Central bank spending on the operation of inter-bank funds transfer systems may range from below one million to nearly a billion US dollars annually. This paper examines how such costs are incurred and recovered to pursue payment systems efficiency in different countries and under alternative...

The Chinese financial sector is illustrative of the hierarchy of privilege that has dominated the country's transition from a centrally planned economy to a more market-based system. Despite their declining contribution to GDP, large state owned enterprises (SOEs) sit at the pinnacle of...