hyperinflation during the 1980s are analysed, and the theory of currency boards is expounded. The stabilisation tool, an … institutionally highly credible currency board arrangement (CBA), though highly effective, could not be an optimal long-term solution …

Argentina adopted currency type board arrangements to put an end to monetary instability in the nineteenth and the … twentieth centuries under very different historical circumstances and contexts with very different results. The first currency … board functioned within an international system that functioned in manner similar to a closed economy. The second currency …