What Role for Currency Boards?

By: John Williamson

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Paperback | 1 September 1995 | Edition Number 1

At a Glance

Paperback
104 Pages

Age
22+

Dimensions(cm)
0.9 x 0.6 x 1.5

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$47.75

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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.

Industry Reviews

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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