Crédibilité et currency board: le cas lituanien

Jerome Blanc and Jean-Francois Ponsot

Post-Print from HAL

Abstract: The lithuanian currency board established in april, 1994 came along with the monetary stability, but it did not benefit from the credibility effect which it was supposed to bring. The text tries to explain this lack of credibility. A first part examines the current hypothesis according to which the differences between the pure model of currency board, supposed to bring credibility by itself, and the lithuanian model, is at the origin of this default. A second part examines the circumstances and effects of the systemic banking crisis of 1995-96. A third part deals with the consequences of the exogeneous shocks on the Lithuanian economy. This leads to another hypothesis: the constraints of the currency board – may it be impure – induced the need to restore discretionary capacities, what was translated as a denaturation. The lack of credibility is then the product of the currency board itself.

Keywords: Currency board. Credibility. Monetary policy. Banking crisis.; Caisse d'émission. Crédibilité. Politique monétaire. Crise bancaire; Caisse d'émission. Crédibilité. Politique monétaire. Crise bancaire. (search for similar items in EconPapers)
Date: 2004
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00144002v1
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Published in Revue d'économie financière, 2004, 75, pp.113-127

Downloads: (external link)
https://shs.hal.science/halshs-00144002v1/document (application/pdf)

Related works:
Journal Article: Crédibilité et currency board: le cas lituanien (2004)
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:hal:journl:halshs-00144002

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().