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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.
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Keywords
- Argentina
- Boards
- Currency
- Currency Board
- Currency Crisis
- Economic history
- Economic Theory & Philosophy
- Economics
- Economics, finance, business & management
- Estonia
- Exchange Rate
- Foreign-Currency Debt
- hong kong
- Lithuania
- Macroeconomics
- monetary economics
- Politics & government
- Society & Social Sciences
- Stabilitätspolitik
- Stability
- Stukenbrock
Links
DOI: 10.3726/b14167Editions