.4.3 Maintaining or Leaving the Currency Board Arrangement . . . . . 28
3.5 Standard Peg … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
3.5.1 Policy Decisions under a Peg . . . . . . . . . . . . . . . . . . . . . . 29
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CONTENTS iv
3.5.2 Unique and … Multiple Equilibria . . . . . . . . . . . . . . . . . . . . 31
3.6 Comparison of Peg and Currency Board …