What Role of Currency Boards?

John Williamson

in Peterson Institute Press: All Books from Peterson Institute for International Economics

Abstract: To help overcome its financial crisis, Russia is being urged to create a currency board, which has met with success in other countries such as Argentina, Estonia, and Hong Kong. This study explains what a currency board is and how it differs from a central bank, and examines the advantages and disadvantages of each type of arrangement. The author concludes that currency boards may be quite attractive to small, open economies and a useful prop in those emerging from a very deep macroeconomic crisis, but that their disadvantages outweigh these attractions in most large countries.

Date: 1995
ISBN: 978-0-88132-222-4
Note: Policy Analyses in International Economics 40
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