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Independent Currency Authorities; An Analytic Primer

Kent Osband and Delano Villanueva ()

No 1992/050, IMF Working Papers from International Monetary Fund

Abstract: This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such operations through a 100 percent marginal foreign reserve cover. They also impose significant constraints on the banking system and the budget of the country that operates them. When supporting institutions have been put in place, ICAs appear to have promoted price stability, foreign trade, saving, and investment.

Keywords: Crawling peg; Currencies; Banking systems; Inflation; central bank, currency board, reserve currency, domestic currency (search for similar items in EconPapers)
Pages: 30
Date: 1992-07-01
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Handle: RePEc:imf:imfwpa:1992/050