Do Currency Boards Have a Future?

Anna Schwartz

Chapter 9 in Explorations in Economic Liberalism, 1996, pp 172-185 from Palgrave Macmillan

Abstract: Abstract I shall discuss a subject that has recently come to life after decades of dormancy. Sir Alan Walters in his entry on currency boards in The New Palgrave Dictionary of Economics, published in 1987, observed that ‘it would be rash to imagine that currency boards are the wave of the future’.1 Yet five years after that observation, Sir Alan has become an active proponent of currency boards as the wave of the future under certain conditions. The subject is topical, since a currency board is a way of providing a stable monetary system, an essential prerequisite for a well-functioning market system in economies such as the newly independent East European countries.

Keywords: Monetary Policy; Central Bank; Foreign Exchange; Local Currency; Monetary Authority (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1007/978-1-349-24967-1_9

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