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Currency Board Versus Central Bank in a Currency Crisis

From June 1997 till presently had been a period of economic turmoil for many parts of the Asian region. There has been experiences of economic overheating, inflation, deficit balance of payments, rising interest rate s coupled with the downward spiral of the stock market s and currency devaluation...

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Main Author: Ho, Kenneth Tat Meng
Format: Project Paper Report
Language:English
English
Published: 1998
Online Access:http://psasir.upm.edu.my/id/eprint/9255/1/GSM_1998_12_A.pdf
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spelling oai:psasir.upm.edu.my:9255 http://psasir.upm.edu.my/id/eprint/9255/ Currency Board Versus Central Bank in a Currency Crisis Ho, Kenneth Tat Meng From June 1997 till presently had been a period of economic turmoil for many parts of the Asian region. There has been experiences of economic overheating, inflation, deficit balance of payments, rising interest rate s coupled with the downward spiral of the stock market s and currency devaluations. This has brought about numerous debates on the causes and remedies of this crisis. Among them are the usefulness of the currency board regime in regulating the exchange rate s of the countries involved. This is an alternative system to the present regime of central bank s in managing the countries' money supply. The currency board basically is a monetary regime whereby the exchange rate of the country as fixed with a chosen anchor currency whereby all its money supply must be 100% backed by its foreign reserves. The central bank system employs the floating exchange rate which has been unsuccessful in warding off speculations on the currency. Further many other disadvantages will be discussed in this thesis. This thesis discuss the comparative characteristics between the currency board and the central bank monetary regime in all its advantages and disadvantages. An attempt i s made to define the currency board and the central bank and the many versions associated with them. (Le., classical, modern and AEL-Argentina, Lithuania, Estonia -model) A closely related concept to the currency board, namely dollarization is also discussed. 1998-08 Project Paper Report NonPeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/9255/1/GSM_1998_12_A.pdf Ho, Kenneth Tat Meng (1998) Currency Board Versus Central Bank in a Currency Crisis. [Project Paper Report] English
institution UPM IR
collection UPM IR
language English
English
description From June 1997 till presently had been a period of economic turmoil for many parts of the Asian region. There has been experiences of economic overheating, inflation, deficit balance of payments, rising interest rate s coupled with the downward spiral of the stock market s and currency devaluations. This has brought about numerous debates on the causes and remedies of this crisis. Among them are the usefulness of the currency board regime in regulating the exchange rate s of the countries involved. This is an alternative system to the present regime of central bank s in managing the countries' money supply. The currency board basically is a monetary regime whereby the exchange rate of the country as fixed with a chosen anchor currency whereby all its money supply must be 100% backed by its foreign reserves. The central bank system employs the floating exchange rate which has been unsuccessful in warding off speculations on the currency. Further many other disadvantages will be discussed in this thesis. This thesis discuss the comparative characteristics between the currency board and the central bank monetary regime in all its advantages and disadvantages. An attempt i s made to define the currency board and the central bank and the many versions associated with them. (Le., classical, modern and AEL-Argentina, Lithuania, Estonia -model) A closely related concept to the currency board, namely dollarization is also discussed.
format Project Paper Report
author Ho, Kenneth Tat Meng
spellingShingle Ho, Kenneth Tat Meng
Currency Board Versus Central Bank in a Currency Crisis
author_facet Ho, Kenneth Tat Meng
author_sort Ho, Kenneth Tat Meng
title Currency Board Versus Central Bank in a Currency Crisis
title_short Currency Board Versus Central Bank in a Currency Crisis
title_full Currency Board Versus Central Bank in a Currency Crisis
title_fullStr Currency Board Versus Central Bank in a Currency Crisis
title_full_unstemmed Currency Board Versus Central Bank in a Currency Crisis
title_sort currency board versus central bank in a currency crisis
publishDate 1998
url http://psasir.upm.edu.my/id/eprint/9255/1/GSM_1998_12_A.pdf
_version_ 1819293350119866368
score 13.4562235

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