Currency Boards, Credibility, and Macroeconomic Behavior

Currency Boards, Credibility, and Macroeconomic Behavior
Currency boards operate differently from standard pegs. The former exhibit greater currency stability and lower transaction costs, inflation, and nominal interest rates, but are limited in their use of devaluation. We extend Drazen and Masson's (1994) signaling model to consider the choice between currency board arrangements and standard pegs.... READ MORE...

Publication date: June 2000
ISBN 9781451852011
$15.00

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