Download or read book Currency Board Arrangements written by Mr.Charles Enoch and published by International Monetary Fund. This book was released on 1997-09-05 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Currency Board Arrangements Rationale for Their Introduction Advantages and Disadvantages written by Svetoslav Pintev and published by diplom.de. This book was released on 2003-03-18 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Currency board arrangements, under which domestic currency can be issued only to the extent that it is fully covered by the central bank s holdings of foreign exchange, were long generally dismissed as throwbacks to the colonial era. It was argued that such a rigid, rule-based arrangement was not well suited to diversified economies in many of which the authorities had developed sophisticated skills in monetary management. Instead, currency boards were seen as desirable in very small open economies (such as city-states for example). In 1960, 38 countries or territories were operating under a currency board. By 1970, they were 20 and, by the late 1980s, only 9. In the last decade the interest for Currency Board Arrangement (hereinafter CBA) renewed because of its simplicity, transparency, and rule-bound character. It became evident after the successful efforts made by two transition economies-Estonia and Lithuania-which quickly managed to achieve credibility for their newly established currencies. In 1997, a currency board arrangement was introduced in Bulgaria to end the economic crisis. Soon after, Bosnia and Herzegovina followed. In 1998 there have been discussions on establishing a currency board arrangement in Russia. More recently the newly appointed Finance Minister of Poland initiated a debate on pegging the Polish zloty to the euro through a CBA. This paper previews the history of the colonial and modern currency boards and presents the benefits of such a system for the newly emerged transition economies in Eastern Europe and Bulgaria especially. First, we will present a brief description of the currency board system. Currency Board Arrangements after falling into oblivion during much of the post-war period, staged a remarkable comeback mainly in Central and Eastern Europe countries. Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina have introduced this particular monetary framework and as a result have managed to break inflationary inertia, to bolster the credibility of the monetary authorities and to instill macroeconomic discipline. Inhaltsverzeichnis:Table of Contents: I.Introduction 1.What is a currency board? 2.What a currency board is not? II.Origins of the Currency Board 1.Intellectual origin of the currency board system 2.Early Currency Board Systems 3.Decline of the Currency Board system. Reasons 4.Currency board system in nowadays III.Currency Board system and Countries in [...]
Download or read book Design and Operation of Existing Currency Board Arrangements written by Malgorzata Jakubiak and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes recent literature on the experience of some existing currency boards. It begins with the definition of the currency board and the description of some existing currency boards. It then discusses advantages and disadvantages of implementing the currency board regime, and concludes with a list of conditions that must be satisfied if a country wants to adopt this monetary framework.
Download or read book Revised System for the Classification of Exchange Rate Arrangements written by Mr.Harald Anderson and published by International Monetary Fund. This book was released on 2009-09-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1998, the staff of the International Monetary Fund has published a classification of countries' de facto exchange rate arrangements. Experience in operating this classification system has highlighted a need for changes. The present paper provides information on revisions to the system in early 2009. The changes are expected to allow for greater consistency and objectivity of classifications across countries, expedite the classification process, conserve resources, and improve transparency.
Download or read book Pros and Cons of Currency Board Arrangements in the Lead Up to EU Accession and Participation in the Euro Zone written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 2000-02-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically, countries with currency board arrangements (CBAs) have experienced lower inflation and higher growth than those with other regimes. The experiences of three candidates for EU membership with CBAs (Estonia, Lithuania, and Bulgaria) have also been generally favorable. Can CBAs serve these transition countries well all the way up to the adoption of the euro? After considering the pros and cons, this paper provides an affirmative answer, but notes that to preserve the viability of their CBAs throughout the process, these countries need to maintain strict policy discipline and be prepared to deal with large capital inflows and asymmetric shocks.
Download or read book Currency Boards written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 1998-01-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Currency Boards written by Adam Bennett and published by International Monetary Fund. This book was released on 1994-09 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book International Currency Arrangements and Policies written by Julius Horváth and published by Nova Publishers. This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with exchange rate arrangements and exchange rate policies. Chapter 2 classifies exchange rates into flexible, intermediate and rigid arrangements. The book is subdivided into an arrangement of free float, managed float, pegged but adjustable, target zone, crawling peg, hard peg, currency board, dollarisation, and monetary union. This chapter also discusses hypothesis of vanishing intermediate exchange rate arrangements as well as it deals with differentiation between de jure, and de facto exchange rate arrangements. Chapter 3 deals with the issue of choosing an appropriate exchange rate arrangement. The book briefly characterises basic approaches of how to choose an exchange rate regime. Furthermore, the book reviews considerations stemming from the optimum currency area literature. Chapter 4 deals with problems of exchange rate, which were encountered by the most developed transition countries. After discussing the initial stabilisation problems of the early 1990s, it provides a general overview of the macroeconomic situation and exchange rates arrangements in these countries in the period 1990-2004. Also the book discusses issues connected with the future introduction of the euro into these countries. Chapter 5 provides the reader with two case studies. First, a discussion of the Czech experience in the transition period till the crisis in May 1997 is presented. Second, a discussion of the Hungarian experience concerning banking and exchange rate policy in the 1990s till the early years of this century. Finally, Chapter 6 discusses different historical periods from the viewpoint of currency arrangements.
Download or read book Exchange Rate Choices of Microstates written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2010-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.
Download or read book Currency Boards for Developing Countries written by Steve H. Hanke and published by . This book was released on 1994 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Design and Operation of Existing Currency Board Arrangements written by Małgorzata Jakubiak and published by . This book was released on 2000 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book What Role for Currency Boards written by John Williamson and published by Peterson Institute for International Economics. This book was released on 1995 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains what a currency board is and how it differs from a central bank. Examines the advantages and disadvantages of each type of arrangement.
Download or read book Bank Soundness and Currency Board Arrangements written by Veerathai Santiprabhob and published by . This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Board Arrangements written by Mr.Charles Enoch and published by INTERNATIONAL MONETARY FUND. This book was released on 1997-09-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Hong Kong s Money written by Tony Latter and published by Hong Kong University Press. This book was released on 2007-08-01 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Rules vs discussion in a currency board arrangement written by Ivaylo Dimitrov Dimitrov and published by . This book was released on 2003 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Arrangements and Foreign Exchange Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-03-28 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
