The Correspondence Between Annual and High Frequency Data for Select Currency Boards

Benjamin Tsoi and Nikolaos Kotoulas
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Benjamin Tsoi: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise
Nikolaos Kotoulas: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 10, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: The following analysis uses annual and high-frequency data for currency boards in select countries (Iraq, Kenya, Palestine, and West Africa) to determine if the high-frequency balance sheet values such as assets, liabilities, and notes and coins in circulation can be used to approximate the corresponding annual balance sheet values. Each currency board existed at different periods of time and utilized slightly different accounting techniques to determine what was included or excluded from the annual and high-frequency statements; hence it is necessary to evaluate each currency board individually. Overall, high-frequency data do provide consistent estimators for annual data because high frequency statements tend to only omit items of relatively small value, and at-cost values of the items included do not vary greatly from their market values in the short run.

Pages: 18 pages
Date: 2014-01
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