A Survey of the Institutional and Operational Aspects of Modern-Day Currency Boards
25 Pages Posted: 13 Dec 2005
Date Written: March 2002
Abstract
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 practice are different from the classic definition, and to distil from their features an updated definition and the revised "rules of the game".
Keywords: currency boards, convertibility, rules, discretion, liquidity
JEL Classification: E42, E52, E58
Suggested Citation: Suggested Citation
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