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Monetary Operations Under The Currency Board System
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Book Synopsis Currency Board Arrangements by : Mr.Charles Enoch
Download or read book Currency Board Arrangements written by Mr.Charles Enoch and published by International Monetary Fund. This book was released on 1997-09-05 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.
Download or read book Hong Kong's Money written by Tony Latter and published by Hong Kong University Press. This book was released on 2007-08-01 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1983 Hong Kong has pegged its currency to the US dollar through a currency board system that is unique among the world's advanced economies. In this first comprehensive book about Hong Kong's monetary system, Tony Latter draws on his considerable experience in central banking generally, and with the Hong Kong Monetary Authority in particular, to give a detailed account of how the system operates; why it was introduced; what are the important differences from other monetary regimes; and how it has performed. After a brief overview of Hong Kong's currency board system, two chapters explain the key features of mainstream monetary policy as practised in most economies and how the currency board differs. Then three chapters deal with the history of money in Hong Kong from the mid-1930s, describing the salient events and changes of the period up to the 1983 crisis and the consequent re-adoption of the currency board. Descriptions of the functioning of the system after 1983 and its evolution to the present day then follow. The book concludes with assessments of the performance of the currency board since 1983 and of the Hong Kong economy more widely. This book is designed both to inform lay readers and to provide substance for monetary economists. Given the key role of monetary policy in providing a stable foundation for a strong economy, the book is of importance for all business people in Hong Kong, while the more analytical sections provide essential reading for all students of economics.
Book Synopsis Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages by : Svetoslav Pintev
Download or read book Currency Board Arrangements. Rationale for Their Introduction, Advantages and Disadvantages written by Svetoslav Pintev and published by diplom.de. This book was released on 2003-03-18 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Currency board arrangements, under which domestic currency can be issued only to the extent that it is fully covered by the central bank s holdings of foreign exchange, were long generally dismissed as throwbacks to the colonial era. It was argued that such a rigid, rule-based arrangement was not well suited to diversified economies in many of which the authorities had developed sophisticated skills in monetary management. Instead, currency boards were seen as desirable in very small open economies (such as city-states for example). In 1960, 38 countries or territories were operating under a currency board. By 1970, they were 20 and, by the late 1980s, only 9. In the last decade the interest for Currency Board Arrangement (hereinafter CBA) renewed because of its simplicity, transparency, and rule-bound character. It became evident after the successful efforts made by two transition economies-Estonia and Lithuania-which quickly managed to achieve credibility for their newly established currencies. In 1997, a currency board arrangement was introduced in Bulgaria to end the economic crisis. Soon after, Bosnia and Herzegovina followed. In 1998 there have been discussions on establishing a currency board arrangement in Russia. More recently the newly appointed Finance Minister of Poland initiated a debate on pegging the Polish zloty to the euro through a CBA. This paper previews the history of the colonial and modern currency boards and presents the benefits of such a system for the newly emerged transition economies in Eastern Europe and Bulgaria especially. First, we will present a brief description of the currency board system. Currency Board Arrangements after falling into oblivion during much of the post-war period, staged a remarkable comeback mainly in Central and Eastern Europe countries. Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina have introduced this particular monetary framework and as a result have managed to break inflationary inertia, to bolster the credibility of the monetary authorities and to instill macroeconomic discipline. Inhaltsverzeichnis:Table of Contents: I.Introduction 1.What is a currency board? 2.What a currency board is not? II.Origins of the Currency Board 1.Intellectual origin of the currency board system 2.Early Currency Board Systems 3.Decline of the Currency Board system. Reasons 4.Currency board system in nowadays III.Currency Board system and Countries in [...]
Book Synopsis Monetary Operations Under the Currency Board System by : Hong Kong Monetary Authority
Download or read book Monetary Operations Under the Currency Board System written by Hong Kong Monetary Authority and published by . This book was released on 2014 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the major policy reforms to Hong Kong's Linked Exchange Rate System (LERS) that have enabled it to evolve into the highly credible, efficient, and transparent system it is today. It discusses the operating mechanism of the system in adjusting capital flows, and the role the Hong Kong Monetary Authority plays in maintaining the smooth functioning of the LERS. It shows that the LERS has stood the test of two major financial crises, large cross-border capital flows, and occasional scepticism over its sustainability and suitability for the Hong Kong economy over the past three decades.Full publication: "http://ssrn.com/abstract=2420030" Market Volatility and Foreign Exchange Intervention in EMEs: What Has Changed?
Book Synopsis Currency Boards and External Shocks by : Guillermo Perry
Download or read book Currency Boards and External Shocks written by Guillermo Perry and published by World Bank Publications. This book was released on 1997-01-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency boards are institutions that replace central banks and ensure that a country's currency can be purchased at a given price (or exchange rate) upon demand, thus imposing a fixed exchange rate on international transactions. These systems have their advantages--they prohibit the use of liberal monetary policies that lead to high inflation--but they can also limit the ability of an economy to react to changes in international economic conditions if foreign currency reserves are depleted. Such threats to the stability of the financial sector may stem from economic events that originate outside the national economy (external shocks), such as the fallout from the Mexican peso devaluation in late 1994. This paper presents the proceedings of a World Bank roundtable discussion held in 1996 to examine the impact of external shocks and to address the challenges countries face when operating under a currency-board system of currency exchange, with a particular emphasis on how certain costs can be minimized while maximizing the gains. Special attention is given to the currency-board systems in Argentina and Hong Kong.
Download or read book Currency Boards written by Adam Bennett and published by International Monetary Fund. This book was released on 1994-09 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses some of the issues that concern the operation of currency boards, by comparison to conventional exchange rate pegs, and looks at the experiences of three examples of this type of arrangement: Argentina (from 1991), Hong Kong (from 1983) and Estonia (from 1992). In all three cases, the implementation of currency boards or equivalent arrangements played a significant role in their successful stabilization programs. Currency boards derive their strength from the fact that they severely constrain the policy maker’s room for manoeuvre, by comparison to conventional pegs. They generally require an even stricter and less forgiving attitude to bank failure, wage and price rigidities and other disturbances than do exchange rate pegs in general. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the international Monetary Fund mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Book Synopsis Bank Soundness and Currency Board Arrangements by : Veerathai Santiprabhob
Download or read book Bank Soundness and Currency Board Arrangements written by Veerathai Santiprabhob and published by . This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Board System written by and published by Board of Commissioners of Currency Singapore. This book was released on 1997 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The SAGE Encyclopedia of Business Ethics and Society by : Robert W. Kolb
Download or read book The SAGE Encyclopedia of Business Ethics and Society written by Robert W. Kolb and published by SAGE Publications. This book was released on 2018-03-27 with total page 9415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thoroughly revised, updated, and expanded, The SAGE Encyclopedia of Business Ethics and Society, Second Edition explores current topics, such as mass social media, cookies, and cyber-attacks, as well as traditional issues including accounting, discrimination, environmental concerns, and management. The new edition also includes an in-depth examination of current and recent ethical affairs, such as the dangerous work environments of off-shore factories for Western retailers, the negligence resulting in the 2010 BP oil spill, the gender wage gap, the minimum wage debate and increasing income disparity, and the unparalleled level of debt in the U.S. and other countries with the challenges it presents to many societies and the considerable impact on the ethics of intergenerational wealth transfers. Key Features Include: Seven volumes, available in both electronic and print formats, contain more than 1,200 signed entries by significant figures in the field Cross-references and suggestions for further readings to guide students to in-depth resources Thematic Reader's Guide groups related entries by general topics Index allows for thorough browse-and-search capabilities in the electronic edition
Book Synopsis Liquidity Management under Fixed Exchange Rate with Open Capital Account by : Mariam El Hamiani Khatat
Download or read book Liquidity Management under Fixed Exchange Rate with Open Capital Account written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2019-03-18 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
Book Synopsis Making a Currency Board Operational by : Charles Enoch
Download or read book Making a Currency Board Operational written by Charles Enoch and published by . This book was released on 1997 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stability of Currency Boards by : Kai Stukenbrock
Download or read book The Stability of Currency Boards written by Kai Stukenbrock and published by Peter Lang Pub Incorporated. This book was released on 2004 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.
Book Synopsis Design and Operation of Existing Currency Board Arrangements by : Malgorzata Jakubiak
Download or read book Design and Operation of Existing Currency Board Arrangements written by Malgorzata Jakubiak and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes recent literature on the experience of some existing currency boards. It begins with the definition of the currency board and the description of some existing currency boards. It then discusses advantages and disadvantages of implementing the currency board regime, and concludes with a list of conditions that must be satisfied if a country wants to adopt this monetary framework.
Book Synopsis Currency Boards in Retrospect and Prospect by : Holger C. Wolf
Download or read book Currency Boards in Retrospect and Prospect written by Holger C. Wolf and published by MIT Press. This book was released on 2008 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employing economic theory, cross-country empirical comparison and case studies, this work analyses the effect of currency boards on inflation, output growth and macroeconomic performance. The case studies come from Argentina, Estonia Lithuania, Bulgaria and Bosnia and Herzegovina.
Book Synopsis Making a Currency Board Operational by : C. Enoch
Download or read book Making a Currency Board Operational written by C. Enoch and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Book Synopsis An Institutional Framework for Comparing Emerging Market Currency Boards by : Marie-Thérèse Camilleri Gilson
Download or read book An Institutional Framework for Comparing Emerging Market Currency Boards written by Marie-Thérèse Camilleri Gilson and published by International Monetary Fund. This book was released on 2004-09 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers an in-depth review of the institutional arrangements underlying existing currency boards (CBAs) in Argentina (until 2001), Eastern Europe, and Asia. An index of precommitment is derived from an analysis of legislative frameworks and monetary policy operations. The index covers features associated with monetary and exchange rate credibility such as: (i) clarity of legal basis, (ii) quality of reserve coverage, (iii) coverage of monetary aggregates, (iv) claims on reserves, (v) operational autonomy, (vi) transparency and accountability, and (vii) escape clauses. The paper concludes with a discussion of flexibility and credibility trade-offs and exit issues.
