, Estonia, Lithuania, Bulgaria, and Bosnia and Herzegovina, the authors conclude that currency boards deliver significant … historical experience, economic theory, cross-country empirical analysis, and case studies of currency boards in Argentina …

reserve requirements are set in relation to the monetary base. Between 1998 and 2000 in Estonia this ratio even ranged between … 40 and 50 percent and Lithuania this ratio amounted to about 20 percent during this period. Other instruments than …