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An Institutional Framework for Comparing Emerging Market Currency Boards

This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers feat...

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Bibliographic Details
Main Author: Dal Corso, Marie
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2004
Series:IMF Working Papers
Subjects:
Government And The Monetary System
Inflation
Credit
Payment Systems
Exchange Rate Arrangements
International Monetary Arrangements And Institutions
Monetary Economics
Currency; Foreign Exchange
Regimes
Policy Designs And Consistency
Deflation
Money
Price Level
Foreign Exchange
Standards
Conventional Peg
Policy Coordination
Policy Objectives
Currencies
Monetary Systems
Money Supply
Prices
Macroeconomics
Central Banks And Their Policies
Exchange Rates
Monetary Policy
Money Multipliers
Money And Monetary Policy
Hong Kong Special Administrative Region, People's Republic Of China
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers features associated with monetary and exchange rate credibility such as: (i) clarity of legal basis, (ii) quality of reserve coverage, (iii) coverage of monetary aggregates, (iv) claims on reserves, (v) operational autonomy, (vi) transparency and accountability, and (vii) escape clauses. The paper concludes with a discussion of flexibility and credibility trade-offs and exit issues
Physical Description:42 pages
ISBN:9781451859140

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