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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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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 28 July 2021

Output Growth and Trade Performance

Output Growth and Trade Performance

Chapter:
(p.101) 7 Output Growth and Trade Performance
Source:
Currency Boards in Retrospect and Prospect
Author(s):

Wolf Holger C.

Ghosh Atish R.

Berger Helge

Gulde Anne-Marie

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262232654.003.0007

This chapter addresses three main questions. First, do currency boards result in slower output growth, controlling for other potential determinants? Second, does competitiveness and export performance suffer under currency boards? Third, does the adoption of a currency board arrangement (CBA) with the implied loss of the exchange rate as an adjustment tool lead to more volatile output growth? The evidence suggests a weak link between currency boards and growth performance. For upper-income countries, the growth rate does not appear to be robustly related to the exchange rate regime. For lower-income countries, there is an economically and statistically significant effect in favor of currency boards.

Keywords:   currency board arrangement, competitiveness, export performance, economic growth, exchange rate

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