Crédibilité et currency board: le cas lituanien

Jérôme Blanc () and Jean-François Ponsot
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Jérôme Blanc: CALW - Centre Auguste et Léon Walras - UL2 - Université Lumière - Lyon 2 - CNRS - Centre National de la Recherche Scientifique
Jean-François Ponsot: UGA UFR FEG - Université Grenoble Alpes - Faculté d'Économie de Grenoble - UGA - Université Grenoble Alpes

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Abstract: Credibility and currency board : the Lithuanian model The lithuanian currency board established in april, 1994 came along with the monetary stability, but it did not benefit from the credibility effect which it was supposed to bring. The text tries to explain this lack of credibility. A first part examines the current hypothesis according to which the differences between the pure model of currency board, supposed to bring credibility by itself, and the lithuanian model, is at the origin of this default. A second part examines the circumstances and effects of the systemic banking crisis of 1995-1996. A third part deals with the consequences of the exogeneous shocks on the Lithuanian economy. This leads to another hypothesis : the constraints of the currency board - may it be impure - induced the need to restore discretionary capacities, what was translated as a denaturation. The lack of credibility is then the product of the currency board itself. JEL classification : E42, E52, E58, F31

Date: 2004
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Published in Revue d'économie financière, 2004, 75 (2), pp.113-127. ⟨10.3406/ecofi.2004.4896⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05387824

DOI: 10.3406/ecofi.2004.4896

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