Dual Currency Boards
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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.
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 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.
Intermediation Spreads In A Dual Currency Economy
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Author : Mr.Luis Catão
language : en
Publisher: International Monetary Fund
Release Date : 1998-06-01
Intermediation Spreads In A Dual Currency Economy written by Mr.Luis Catão 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 1998-06-01 with Business & Economics categories.
The currency board arrangement and widespread dollarization of the Argentine economy since 1991 have laid the basis for domestic interest rates to converge to international levels. Although such a convergence has been observed for interest rates on bank deposits, interest rates on bank lending remain well above industrial country levels. This paper examines the causes of high intermediation spreads in Argentina using a dual currency model of the banking industry, which incorporates key features of credit markets in that country. Empirical results allow inferences to be drawn on the effects of macroeconomic and financial policies on bank lending and interest rates.
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 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.
Hong Kong S Money
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Author : Tony Latter
language : en
Publisher: Hong Kong University Press
Release Date : 2007-08-01
Hong Kong S Money written by Tony Latter and has been published by Hong Kong University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08-01 with Business & Economics categories.
Since 1983 Hong Kong has pegged its currency to the US dollar through a currency board system that is unique among the world's advanced economies. In this first comprehensive book about Hong Kong's monetary system, Tony Latter draws on his considerable experience in central banking generally, and with the Hong Kong Monetary Authority in particular, to give a detailed account of how the system operates; why it was introduced; what are the important differences from other monetary regimes; and how it has performed. After a brief overview of Hong Kong's currency board system, two chapters explain the key features of mainstream monetary policy as practised in most economies and how the currency board differs. Then three chapters deal with the history of money in Hong Kong from the mid-1930s, describing the salient events and changes of the period up to the 1983 crisis and the consequent re-adoption of the currency board. Descriptions of the functioning of the system after 1983 and its evolution to the present day then follow. The book concludes with assessments of the performance of the currency board since 1983 and of the Hong Kong economy more widely. This book is designed both to inform lay readers and to provide substance for monetary economists. Given the key role of monetary policy in providing a stable foundation for a strong economy, the book is of importance for all business people in Hong Kong, while the more analytical sections provide essential reading for all students of economics.
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
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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.
Bank Soundness And Currency Board Arrangements
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Author : Veerathai Santiprabhob
language : en
Publisher:
Release Date : 1997
Bank Soundness And Currency Board Arrangements written by Veerathai Santiprabhob and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Banks and banking categories.