Currency board or central bank? Lessons from the Irish pound’s link with sterling, 1928-79

Patrick Honohan

BNL Quarterly Review, 1997, vol. 50, issue 200, 39-67

Abstract: The resurgence of interest in currency boards prompts reconsideration of one of the Irish experience. The authors evaluate the institutional arrangements which underpinned the Irish pound for a half-century. While the regime did have a credibility which led to low interest rates and a degree of price stability, its resilience was partly due to the large additional foreign reserves held by the private banking system and to the fact that the sterling proved not to be a very strong currency. However, an attempt in 1955 to evade the interest rate discipline of the regime was quickly punished, with far-reaching policy consequences.

Keywords: Financial; systems; and; central; banks (search for similar items in EconPapers)
JEL-codes: E58 G20 (search for similar items in EconPapers)
Date: 1997
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10570/10454 (application/pdf)

Related works:
Journal Article: Currency board or central bank? Lessons from the Irish pound’s link with sterling, 1928-79 (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:psl:bnlaqr:1997:13

Ordering information: This journal article can be ordered from
http://www.economiacivile.it

Access Statistics for this article

BNL Quarterly Review is currently edited by Alessandro Roncaglia

More articles in BNL Quarterly Review from Banca Nazionale del Lavoro
Bibliographic data for series maintained by Carlo D'Ippoliti ().