Advocates of currency boards
argue that they will tend to instill macroeconomic discipline.
Lot 2: French currency boards
- they are rectangular panels of French motto Liberte, egalite, fraternite.
The preferred operating mechanisms are similar in each case, with systems that resemble currency boards
the most effective and reliable means to accomplish the fixed-value policy goal.
Having experienced a milder slowdown relative to rating peers with currency boards
, the country's economy is now on the rebound, driven mainly by external demand.
The three eastern European economies with currency boards
would do better to focus on improving competitiveness than joining the euro, said Hanke, a professor at Johns Hopkins University and a senior fellow at the Cato Institute in Washington, in a phone interview from Baltimore yesterday.
the euro is likely to raise the risk of competitive devaluations of other currency pegs in Central Eastern Europe (CEE), including the currency boards
of Estonia, Lithuania and, to a lesser extent, the CBA of Bulgaria.
Eventually, the IMF, which had bitterly opposed the implementation of currency boards
in Argentina, Indonesia and the Baltic countries in the early 1990's did an abrupt about face and purportedly even mandated the establishment of a currency board
in Bulgaria as a precondition of granting credit (Gertchev 2002, p.
The remaining papers look an regional and international issues, including currency boards
, exchange rates, and the enlargement of the European Monetary Union.
Keywords: euroisation, dollarisation, euro, survey data, Bulgaria, currency boards
Second, practically, time inconsistency has existed in the real-world currency boards
, many of which have departed from the 'orthodox' model one way or another to adapt to the changing economic environment.
were essentially 'an invention of the British Empire' (Williamson 1995, p.
First of all, the ten countries have been following a wide range of monetary regimes covering the whole array of possibilities from free floating to hard currency pegs in the form of currency boards
(see Table 1).