Currency Boards How A Currency Board Works
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Currency Boards How A Currency Board Works
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Author : Raffaele Nostitz
language : en
Publisher: GRIN Verlag
Release Date : 2009-05
Currency Boards How A Currency Board Works written by Raffaele Nostitz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05 with categories.
Essay from the year 2009 in the subject Economics - Monetary theory and policy, grade: 2,3, Free University of Berlin, course: International Monetary Relations, language: English, abstract: "Stability might not be everything, but without stability everything is nothing." This quote of the former federal minister for economics and finance in Germany leads directly to the reason for the installation of a currency board. Stability of the monetary system means the achievement of three objectives: a fixed exchange rate system to alleviate the calculations for international trade, free capital movement to ensure the convertibility of currencies, and a monetary policy that can address independently domestic concerns like inflation or unemployment. Unfortunately, it is impossible to achieve all three objectives at the same time. This goal conflict is often called "triangle of impossibility" or "impossible trinity" in the international economics literature. If a country's decision is to fix the exchange rate to a selected currency, a currency board would be one of the possible instruments. In this essay, first there will be taken a short look at how a currency board works and what the political meanings and consequences are. Afterwards, a short analysis of the currency board-like system that has been installed in Argentina from 1991 to 2002 leads to the drawbacks and opportunities of currency boards.
Currency Boards For Developing Countries
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Author : Steve H. Hanke
language : en
Publisher:
Release Date : 1994
Currency Boards For Developing Countries written by Steve H. Hanke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Currency boards categories.
Currency Board Arrangements
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Author : Mr.Charles Enoch
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-05
Currency Board Arrangements written by Mr.Charles Enoch and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-09-05 with Business & Economics categories.
This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.
Currency Boards
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01
Currency Boards written by Mr.Atish R. Ghosh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-01 with Business & Economics categories.
The growing integration of world capital markets has made it fashionable to argue that only extreme exchange rate regimes are sustainable. Short of adopting a common currency, currency board arrangements represent the most extreme form of exchange rate peg. This paper compares the macroeconomic performance of countries with currency boards to those with other forms of pegged exchange rate regime. Currency boards are indeed associated with better inflation performance, even allowing for potential endogeneity of the choice of regime. Perhaps more surprisingly, this better inflation performance is accompanied by higher output growth.
Currency Boards
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Author : Adam Bennett
language : en
Publisher: International Monetary Fund
Release Date : 1994-09
Currency Boards written by Adam Bennett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-09 with Business & Economics categories.
This paper discusses some of the issues that concern the operation of currency boards, by comparison to conventional exchange rate pegs, and looks at the experiences of three examples of this type of arrangement: Argentina (from 1991), Hong Kong (from 1983) and Estonia (from 1992). In all three cases, the implementation of currency boards or equivalent arrangements played a significant role in their successful stabilization programs. Currency boards derive their strength from the fact that they severely constrain the policy maker’s room for manoeuvre, by comparison to conventional pegs. They generally require an even stricter and less forgiving attitude to bank failure, wage and price rigidities and other disturbances than do exchange rate pegs in general. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the international Monetary Fund mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Currency Boards
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Author : Karl Flubacher
language : de
Publisher: GRIN Verlag
Release Date : 2003-04-09
Currency Boards written by Karl Flubacher and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-09 with Political Science categories.
Studienarbeit aus dem Jahr 2002 im Fachbereich BWL - Wirtschaftspolitik, Note: 1,4, Universität Basel (Wirtschaftswissenschaftliches Zentrum (WWZ)), Veranstaltung: Internationale Politische Ökonomie, Sprache: Deutsch, Abstract: In der vorliegenden Arbeit möchte ich näher auf die sogenannten Currency Boards, als spezielle Form der fixen Bindung einer Währung an eine Ankerwährung, eingehen. Zuerst werde ich die Charakteristika dieses Währungssystems beleuchten und anschliessend die historische Entwicklung der Currency Boards erläutern. In einem weiteren Schritt werde ich die Unterschiede zwischen dem idealtypischen Currency Board und einer Zentralbank aufzeigen, danach die generellen Vor- und Nachteile dieser monetären Institution beschreiben. Abrunden möchte ich die Arbeit mit dem aktuellen Beispiel Argentiniens. Die einzelnen Titel habe ich als Frage formuliert, um so in einer Art Dialog den Sachverhalt eingehend analysieren zu können.
What Role For Currency Boards
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Author : John Williamson
language : en
Publisher: Peterson Institute for International Economics
Release Date : 1995
What Role For Currency Boards written by John Williamson and has been published by Peterson Institute for International Economics this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Currency boards categories.
Explains what a currency board is and how it differs from a central bank. Examines the advantages and disadvantages of each type of arrangement.
Currency Boards In Retrospect And Prospect
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Author : Holger C. Wolf
language : en
Publisher: MIT Press
Release Date : 2008
Currency Boards In Retrospect And Prospect written by Holger C. Wolf and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Employing economic theory, cross-country empirical comparison and case studies, this work analyses the effect of currency boards on inflation, output growth and macroeconomic performance. The case studies come from Argentina, Estonia Lithuania, Bulgaria and Bosnia and Herzegovina.
Currency Boards Analysis Risks And Benefits
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Author : Brian Lawrence
language : en
Publisher: Clanrye International
Release Date : 2023-09-26
Currency Boards Analysis Risks And Benefits written by Brian Lawrence and has been published by Clanrye International this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-26 with Business & Economics categories.
A currency board is a country's monetary authority that is tasked with sustaining a fixed exchange rate along with a foreign currency. The control of the money supply and exchange rate is delegated to a monetary authority by a currency board. This monetary authority then makes decisions concerning the currency valuation of a country. The currency board permits limitless exchange of the domestic currency with foreign currency to the agents. It provides stable exchange rates that facilitate investment and trade. Currency boards are also well-known for controlling inflation. However, there are certain risks associated with the currency boards. In a crisis, the investors can quickly exchange their domestic currency for foreign currency, leading to an increase in the interest rates. This can severely impact the reserve and liquidity requirements of the banks. This book analyses the risks and benefits associated with currency boards. It is appropriate for students seeking detailed information in this area of study as well as for experts.
Dual Currency Boards
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Author : Mr.S. E. Oppers
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-12-01
Dual Currency Boards written by Mr.S. E. Oppers and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-01 with Business & Economics categories.
This paper shows that extending the convertibility guarantee of the traditional currency board to a second reserve currency brings about an automatic, market-driven change of the peg when the initial reserve currency appreciates beyond a specified level. The “dual” currency board thus maintains the advantages of a hard peg, but avoids the economic difficulties associated with the link to an overvalued reserve currency. As an added benefit, the system has the potential to promote global currency stability, with the reserves of the dual currency board country acting as a buffer stock to the exchange cross-rate of the chosen reserve currencies.