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.
He then proposes a formal model for integrating these approaches and applies it to analysis of the theory and empirical evidence on fiscal institutions, addressing budgetary rules and procedures, fiscal decentralization, central bank independence, currency boards
, monetary unions, inflation targeting, and bank regulation and supervision.
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.
Keywords: euroisation, dollarisation, euro, survey data, Bulgaria, currency boards
He finds currency boards
that become in effect FBARs to be undesirable, arguing they work well "only when the exchange rate and associated monetary policy commitments are, in some sense, absolute" (p.
The use of currency boards
eventually spread to 70 British colonies.
It's time for the economics establishment to trade stylized facts for facts and stop maligning currency boards
by pointing an accusatory finger at Argentina's convertibility system.
3) Orthodox currency boards
are fixed exchange-rate regimes that operate like a gold standard, except that central bank reserves are kept in foreign currency rather than gold.
However, the fact that central banks try to smooth exchange rate fluctuations is not an argument in favor of fixing exchange rates, currency boards
, or dollarization.