Regional currency areas and the use of foreign currencies

Bank for International Settlements

No 17 in BIS Papers from Bank for International Settlements

Abstract: Arrangements that replace independent national currencies (regional currency areas, currency boards, official or unofficial use of a foreign currency) have become increasingly popular. However, they raise at least three broad questions. First, do their benefits (notably lower transactions costs) exceed the costs (reduced policy flexibility)? Second, which of these regimes is most suitable for a particular economy? Third, must institutions be developed to ensure economic convergence and other complementary measures that will guarantee the success of a common currency, or are convergence and complementary measures a likely consequence of adopting a common currency? Senior central bankers from Africa, Asia, Europe, the Middle East and the United States discussed experiences and research on these questions at a two-day meeting held at the BIS in September 2002. The first day focused on economic issues and the second on legal and practical issues.

Date: 2003 Written 2003-05
ISBN: 92-9131-648-2
References: View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Chapters in this book:

Economic aspects of regional currency areas and the use of foreign currencies , pp 4-42

John Hawkins and Paul Masson

Regional currency areas: a few lessons from the experiences of the Eurosystem and the CFA franc zone , pp 43-58

Marc-Olivier Strauss-Kahn

The currency board and monetary stability in Bosnia and Herzegovina , pp 59-61

Dragan Kovacevic

Shadowing the euro: Bulgaria’s monetary policy five years on , pp 61-78

Kalin Hristov and Martin Zaimov

Monetary policy and management of capital flows in a situation of high euroisation - the case of Croatia , pp 79-98

Boris Vujcic

Malta’s exchange rate arrangements - a medium-term perspective , pp 99-104

David Pullicino and Alfred Demarco

The Gulf Cooperation Council monetary union: a Bahraini perspective , pp 105-107

Khalid Al-Bassam

Monetary policy in Qatar and Qatar's attitude towards the proposed single currency for the Gulf Cooperation Council , pp 108-114

Fahad Faisal Al-Thani

A common currency area for the Gulf region , pp 116-120

Muhammad Al-Jasser and Abdulrahman Al-Hamidy

Concrete steps towards the establishment of a monetary union for the Gulf Cooperation Council countries , pp 120-121

Mohammed Ali Bin Zayed Al Falasi

Botswana's exchange rate policy , pp 122-127

Kealeboga Masalila and Oduetse Motshidisi

Regional currency areas and the use of foreign currencies: Lesotho's experience , pp 128-133

Tabo Foulo

South Africa's experience of regional currency areas and the use of foreign currencies , pp 134-139

Lambertus van Zyl

Regional currency areas and use of foreign currencies: the experience of West Africa , pp 140-144

Michael Ojo

Regional currency areas: lessons from the West African sub-region and Nigeria's policy stance , pp 145-150

Ernest Ebi

The ASEAN currency and exchange rate mechanism task force , pp 151

Ooi Sang Kuang and Sukhdave Singh

The use of foreign currencies: the United States perspective , pp 152-153

David Howard

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