What Role for Currency Boards?

What Role for Currency Boards?

Policy Analyses in International Economics 40
by John Williamson
September 1995
Book Description

To help overcome its financial crisis, Russia is being urged to create a currency board, which has met with success in other countries such as Argentina, Estonia, and Hong Kong. This study explains what a currency board is and how it differs from a central bank, and examines the advantages and disadvantages of each type of arrangement. The author concludes that currency boards may be quite attractive to small, open economies and a useful prop in those emerging from a very deep macroeconomic crisis, but that their disadvantages outweigh these attractions in most large countries.




1. The Revival of an Old Idea 147.4KB

2. A Consideration of the Pros and Cons 157.8KB

3. Where Do Currency Boards Help? 140.7KB


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Book Data

September 1995
ISBN paper 0-88132-222-9
44 pp.

Commentaries on This Book

"... a better balanced evaluation of the merits and shortcomings of currency boards than anything the 'evangelicals' have produced."

Anna J. Schwartz
National Bureau of Economic Research, Inc.

"... balanced and even-handed analysis."

Adam Bennett
International Monetary Fund

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