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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