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those with other regimes. The experiences of three candidates for EU membership with CBAs (Estonia, Lithuania, and Bulgaria …
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, Estonia, Lithuania, Bulgaria, and Bosnia and Herzegovina, the authors conclude that currency boards deliver significant …
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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 …
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