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Currency Boards in Retrospect and Prospect : CESifo Book Series - Holger C. Wolf

Currency Boards in Retrospect and Prospect

CESifo Book Series

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Currency boards, more so than other exchange rate regimes, have come in and out of fashion. Defined by a fixed exchange rate with full convertibility, central bank liabilities backed with foreign exchange reserves, and a high cost of exiting the regime, currency boards were common in colonial times--until most were cast off as countries gained independence after World War II. In the 1990s, currency boards enjoyed a revival as the cornerstone of various macroeconomic stabilization programs--including many in central and eastern European transition economies--only to fall into disfavor again with the collapse of the Argentine regime in 2002. The authors of "Currency Boards in Retrospect and Prospect" take a balanced look at the effects of currency board regimes on inflation, output growth, and macroeconomic performance more generally. Drawing on historical experience, economic theory, cross-country empirical analysis, and case studies of currency boards in Argentina, Estonia, Lithuania, Bulgaria, and Bosnia and Herzegovina, the authors conclude that currency boards deliver significant reductions in inflation compared to other regimes and do not seem to result in slower growth or a markedly higher vulnerability to crisis.

Series Forewordp. ix
Prefacep. xi
Acknowledgmentsp. xv
Introductionp. 1
Currency Boards: History, Theory, and Institutionsp. 5
Currency Boards in Historical Perspectivep. 7
Why Do Countries Choose Currency Boards?p. 25
Modern Currency Boardsp. 45
Structural and Institutional Aspects
Macroeconomic Performancep. 59
Stylized Factsp. 61
Inflation and Disinflation under Alternative Exchange Rate Regimesp. 77
Output Growth and Trade Performancep. 101
Argentinap. 117
Case Studies in Modern Currency Boardsp. 145
The European Experience
Euro-Based Currency Boards: Introductionp. 147
Estoniap. 151
Lithuaniap. 161
Bulgariap. 173
Bosnia and Herzegovinap. 183
Euro-Based Currency Boards: An Assessmentp. 191
Conclusionsp. 203
Institutional Characteristics of Modern Currency Boardsp. 207
Data Sources and Definitionsp. 215
Notesp. 223
Referencesp. 239
Indexp. 253
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262232654
ISBN-10: 0262232650
Series: CESifo Book Series
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 280
Published: 16th May 2008
Country of Publication: US
Dimensions (cm): 22.9 x 15.2  x 1.4
Weight (kg): 0.52