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Currency Boards in Retrospect and Prospect
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Currency Boards in Retrospect and Prospect

Holger C. Wolf, Atish R. Ghosh, Helge Berger, and Anne-Marie Gulde

Abstract

Currency boards, more so than other exchange rate regimes, have come in and out of fashion. Defined by a fixed exchange rate with full convertibility, central bank liabilities backed with foreign exchange reserves, and a high cost of exiting the regime, they were common in colonial times—until most were cast off as countries gained independence after World War II. In the 1990s, currency boards enjoyed a revival as the cornerstone of various macroeconomic stabilization programs—including many in central and eastern European transition economies—only to fall into disfavor again with the collapse ... More

Keywords: currency boards, exchange rate regimes, fixed exchange rate, full convertibility, central bank liabilities, foreign exchange reserves, colonial times, independence, macroeconomic stabilization, transition economies

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780262232654
Published to MIT Press Scholarship Online: August 2013 DOI:10.7551/mitpress/9780262232654.001.0001

Authors

Affiliations are at time of print publication.

Holger C. Wolf, author

Atish R. Ghosh, author

Helge Berger, author

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