Some Reflections on Currency Boards

Central Banking, Monetary Policies, and the Implications for Transition Economies, Mario I. Blejer and Marko Skreb, eds., Kluwer Academic Publishers, 1999

27 Pages Posted: 23 Jan 2013

See all articles by Steve H. Hanke

Steve H. Hanke

Johns Hopkins University - Department of Economics

Mario I. Blejer

Bank of England

Date Written: 1999

Abstract

The dramatic events in Asia and Russia, and the contagion they have spread, have generated a torrent of commentary about exchange rates, hot money, and exchange controls. As someone who was deeply involved in Indonesia and who predicted that the ruble would collapse by midyear, I offer my views as to why most of the commentary has been either half-baked or simply wrong. Indeed, in most instances the international chattering classes have misdiagnosed the patient and, in consequence, prescribed the wrong medicine. A correct diagnosis requires an understanding of alternative exchange-rate regimes.

Keywords: Steve Hanke, Currency Boards, Central Banking, Asia, Russia, Rouble, Ruble

Suggested Citation

Hanke, Steve H. and Blejer, Mario I., Some Reflections on Currency Boards (1999). Central Banking, Monetary Policies, and the Implications for Transition Economies, Mario I. Blejer and Marko Skreb, eds., Kluwer Academic Publishers, 1999. Available at SSRN: https://ssrn.com/abstract=2204695

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)

Mario I. Blejer

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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