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Currency Boards in Retrospect and Prospect$
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Holger C. Wolf, Atish R. Ghosh, Helge Berger, and Anne-Marie Gulde

Print publication date: 2008

Print ISBN-13: 9780262232654

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262232654.001.0001

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Inflation and Disinflation under Alternative Exchange Rate Regimes

Inflation and Disinflation under Alternative Exchange Rate Regimes

(p.76) (p.77) 6 Inflation and Disinflation under Alternative Exchange Rate Regimes
Currency Boards in Retrospect and Prospect

Wolf Holger C.

Ghosh Atish R.

Berger Helge

Gulde Anne-Marie

The MIT Press

This chapter examines whether lower inflation under currency boards compared to other regimes is associated with the currency board regime itself or the result of other determinants of inflation or possible simultaneity bias. The evidence suggests that the relationship between currency boards and good inflation performance is robust and causal. Controlling for other determinants of inflation, currency boards are associated with 8–20 percentage points per year lower inflation than simple pegs or floating regimes, reflecting both tighter monetary discipline and greater confidence in the currency.

Keywords:   inflation, currency boards, exchange rate regime

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