Tests of Currency Board Orthodoxy Using High-Frequency Data from Palestine, the Straits Settlements, and West Africa

Seung Jae Oh
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Seung Jae Oh: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 8, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: This paper examines the orthodoxy of the 20th-century currency boards of Palestine, West Africa (Nigeria, Ghana, Sierra Leone, and Gambia), and the Straits Settlements (Singapore). These currency boards were chosen because of the availability of highfrequency data and because they were among the largest currency boards of their time (in terms of their total assets). The high-frequency financial statements that were used to conduct tests of orthodoxy had various problems of incompleteness. Therefore, it could not be definitively proven whether the currency boards were orthodox. In addition to this, the gaps in coverage on the asset side clearly limited the potential uses of these data. Despite this shortcoming, this paper presents the results of different orthodoxy tests, by appropriately extrapolating annual data where there were no monthly data. It is my intent that this information will be useful for future academic endeavors

Pages: 15 pages
Date: 2013-09
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jhisae:0008

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