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This paper surveys the institutional and operational features of the six modern currency boards. The survey is developed around three key aspects: organisation, operations and legal foundation. By laying out the facts, this survey seeks to shed light on how and why modern currency boards in...
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Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative …
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Europe and Asia (as well as that of Argentina until 2001) and derives a synthetic indicator of institutional pre …
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reserve requirements are set in relation to the monetary base. Between 1998 and 2000 in Estonia this ratio even ranged between … 40 and 50 percent and Lithuania this ratio amounted to about 20 percent during this period. Other instruments than …
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, Estonia, Lithuania, Bulgaria, and Bosnia and Herzegovina, the authors conclude that currency boards deliver significant … historical experience, economic theory, cross-country empirical analysis, and case studies of currency boards in Argentina …
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