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The Stability of Currency Boards

in: cege-Schriften

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Abstract

The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.

Keywords

Argentina, Boards, Currency, Currency Board, Currency Crisis, Estonia, Exchange Rate, Foreign-Currency Debt, Hong Kong, Lithuania, Stabilitätspolitik, Stability, Stukenbrock

Languages

English

Publisher

Peter Lang International Academic Publishers

ISBN

9783631520314

Pages

238

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