Khoury, Sarkis Joseph; Wihlborg, Clas - In: Journal of Economic Policy Reform 9 (2006) 2, pp. 125-144
An orthodox currency board (CB) renders central banking redundant for interest and exchange rate determination. Thereby, monetary policy is de facto outsourced. Foreign direct investment (FDI) in banking can lead to outsourcing of the second important central bank function, responsibility for...