Abstract

http://ssrn.com/abstract=2258005
 
 

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Teeth for the Bulgarian Lev: A Currency Board Solution


Steve H. Hanke


Johns Hopkins University - Department of Economics

Kurt Schuler


Center for Financial Stability


Washington, D.C.: International Freedom Foundation, 1991

Abstract:     
Bulgaria needs to give its monetary reform instant credibility, to avoid the dangers of continuing inflation on the one hand and depression on the other. A fixed exchange rate system with a central bank always fails. There is, however, one proven system that will successfully maintain a fixed exchange rate - the currency board system. To establish monetary confidence in the Lev, Bulgaria should replace its central bank with a currency board. A currency is explicitly designed to maintain a fixed exchange rate. A board is easy to establish and operate, and it has worked successfully time and time again. Indeed, currency boards have always been able to maintain fixed-rate currency convertibility, even during the most trying times.

Number of Pages in PDF File: 36

Keywords: Steve, Hanke, Kurt, Schuler, Currency, Board, Solution, Bulgarian, Lev, Teeth, International, Freedom, Foundation

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Date posted: April 30, 2013  

Suggested Citation

Hanke, Steve H. and Schuler, Kurt, Teeth for the Bulgarian Lev: A Currency Board Solution. Washington, D.C.: International Freedom Foundation, 1991 . Available at SSRN: http://ssrn.com/abstract=2258005

Contact Information

Steve H. Hanke (Contact Author)
Johns Hopkins University - Department of Economics ( email )
3400 Charles Street
Baltimore, MD 21218-2685
United States
410-516-7183 (Phone)
410-516-8996 (Fax)
Kurt Schuler
Center for Financial Stability ( email )
New York, NY
United States
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