The stability of currency boards:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Frankfurt am Main [u.a.]
Lang, Europ. Verl. der Wiss.
2004
|
| Series: | CeGE-Schriften
8 |
| Subjects: | |
| Online Access: | Volltext Inhaltsverzeichnis |
| Physical Description: | 237 S. graph. Darst. |
| ISBN: | 363152031X 0820465488 |
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Record in the Search Index
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| adam_text |
KAI STUKENBROCK THE STABILITY OF CURRENCY BOARDS A 238921 PETER LANG
EUROPDISCHER VERLOG DER WISSENSCHAFTEN CONTENTS LIST OF FIGURES 15 LIST
OF TABLES 19 LIST OF ABBREVIATIONS 21 LIST OF VARIABLES 23 1
INTRODUCTION 25 2 CURRENCY BOARDS*AN OVERVIEW 29 2.1 BASIC FEATURES OF A
CURRENCY BOARD 29 2.1.1 DEFINITION OF A CURRENCY BOARD 29 2.1.2 CURRENCY
BOARDS VS CENTRAL BANKS 31 2.1.3 FLEXIBILITY IN DESIGN 33 2.2 CURRENCY
BOARD CHARACTERISTICS 36 2.2.1 CREDIBILITY AND MACROECONOMIC STABILITY
37 2.2.2 THE ADJUSTMENT PROCESS AND MARKET FLEXIBILITY . 39 2.2.3
ANCHOR CURRENCY SELECTION*A THEORY OF OPTIMUM CURRENCY AREAS PERSPECTIVE
44 2.2.4 MONETARY POLICY, LENDER OF LAST RESORT SUPPORT, AND FINANCIAL
FRAGILITY 47 2.2.5 FISCAL POLICY 49 2.3 CONCLUSION 50 3 PAST AND PRESENT
CURRENCY BOARDS 53 3.1 HISTORY OF CURRENCY BOARDS 53 3.1.1 GENERAL
OVERVIEW 54 3.1.2 FOUNDATIONS 59 3.1.3 THE FIRST CURRENCY BOARDS
(1849-1912) 60 3.1.4 THE WEST AFRICAN CURRENCY BOARD (1913) 63 12
CONTENTS 3.1.5 THE PEAK AND DECLINE OF THE CURRENCY BOARD SYSTEM
(1913-1974) 66 3.2 HONG KONG (1983) 68 3.2.1 LEAD-UP TO THE CURRENCY
BOARD 68 3.2.2 CURRENCY BOARD DESIGN 71 3.2.3 CURRENCY BOARD PERFORMANCE
75 3.3 ARGENTINA (1991-2002) 78 3.3.1 LEAD-UP TO THE CURRENCY BOARD 78
3.3.2 CURRENCY BOARD DESIGN 82 3.3.3 THE EARLY YEARS OF THE CURRENCY
BOARD AND THE TEQUILA CRISIS 86 3.3.4 THE LATE YEARS AND CURRENCY BOARD
EXIT 91 3.4 ESTONIA (1992) AND LITHUANIA (1994) 95 3.4.1 LEAD-UP TO THE
CURRENCY BOARDS 95 3.4.2 CURRENCY BOARDS DESIGN 97 3.4.3 CURRENCY BOARDS
PERFORMANCE 103 3.4.4 ACCESSION TO THE EUROPEAN UNION AND THE EUROPEAN
MONETARY UNION 109 3.5 BULGARIA (1997) 112 3.5.1 LEAD-UP TO THE CURRENCY
BOARD 113 3.5.2 CURRENCY BOARD DESIGN 116 3.5.3 CURRENCY BOARD
PERFORMANCE 119 3.6 SUMMARY 122 4 STABILITY AND INSTABILITY OF CURRENCY
BOARDS*A THEORETICAL ANALYSIS 127 4.1 MODELS OF CURRENCY CRISES 127
4.1.1 FIRST AND SECOND GENERATION CURRENCY CRISES MODELS . 127 4.1.2
CRITIQUE OF SECOND GENERATION CRISES MODELS 129 4.1.3 CLASSIFICATION OF
THE CURRENCY BOARD CRISES MODEL . . . 131 4.2 THE STANDARD MODEL 133
4.2.1 MODEL OUTLINE 133 4.2.2 DISCRETIONARY EXCHANGE RATE POLICY 135
4.2.3 FIXED EXCHANGE RATE AND TIME-INCONSISTENCY 135 4.2.4 POLITICAL
COST OF DEVALUATION AND INCOMPLETE INFORMATIONL37 4.2.5 POSSIBLE
EQUILIBRIA 140 4.2.5.1 FC EQUILIBRIUM 140 4.2.5.2 ZC EQUILIBRIUM 140
4.2.5:3 PC EQUILIBRIA 142 4.2.5.4 GRAPHICAL REPRESENTATION AND MULTIPLE
EQUI- LIBRIA 143 CONTENTS 13 4.2.5.5 MODEL PARAMETERS AND TYPES OF
EQUILIBRIA . . 147 4.2.6 INTER-TEMPORAL LINKAGES AND DYNAMIC EFFECTS 149
4.2:7 STABILITY OF THE CURRENCY BOARD 152 4.2.7.1 GAINS FROM INCREASED
CREDIBILITY 152 4.2.7.2 DESTABILIZATION THROUGH UNEMPLOYMENT . 155
4.2.7.3 DESTABILIZATION THROUGH A SEQUENCE OF PC EQUI- LIBRIA 156
4.2.7.4 EMPLOYMENT-DECREASING SHOCKS 158 4.2.7:5 CONCLUSION 164 4.2.8
LOSS FROM EXIT 166 4.3 THE MODEL WITH DEBT 168 4.3.1 POSSIBLE EFFECTS OF
FOREIGN-CURRENCY DEBT ON THE MODEL ECONOMY 169 4.3.2 UNEMPLOYMENT 172
4.3.3 DISCRETIONARY AND FIXED EXCHANGE RATE POLICY 174 4.3.4 MODEL
EQUILIBRIA 182 4.3.5 GRAPHICAL REPRESENTATION AND INTERPRETATION OF THE
MOD- IFIED MODEL 185 4.3.6 MODEL DYNAMICS AND RESILIENCE TO SHOCKS 188
4.3.7 LOSS FROM EXIT AND CONCLUSION 190 5 CONCLUSION 197 5.1 CURRENCY
BOARD SELECTION 197 5.2 CURRENCY BOARD STABILITY 199 5.3 THE RISKS 203
5.4 OUTLOOK 205 APPENDICES 207 A CURRENCY BOARDS 1849-2002 OVERVIEW 207
B CURRENCY BOARD DESIGN FEATURES 213 C DERIVATION OF EQUATIONS 219 C.I
THE STANDARD MODEL 219 C.I.I DERIVATION OF DEVALUATION AND LOSS
EQUATIONS (4.6) AND (4.7) 219 C.1.2 PROOF THAT (4.9) GREATER THAN (4.11)
220 C.1.3 DIFFERENCE LOSS FIXED AND LOSS DISCRETIONARY EXCHANGE RATE 220
C.I.4 DERIVATION OF EQUATION (4.19), EXPECTED DEVALUATION . 220 14
CONTENTS C.I.5 DERIVATION OF UNEMPLOYMENT EQUATION (4.24) 221 C.1.6
DERIVATION OF UNEMPLOYMENT EQUATION (4.28) 221 C.1.7 DERIVATION OF
CRITICAL VALUE FOR C (4.30) 222 BIBLIOGRAPHY 223 |
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| publishDate | 2004 |
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| series2 | CeGE-Schriften |
| spellingShingle | Stukenbrock, Kai 1971- The stability of currency boards CeGE-Schriften Currency Board (DE-588)4522367-1 gnd Stabilitätspolitik (DE-588)4077791-1 gnd |
| subject_GND | (DE-588)4522367-1 (DE-588)4077791-1 (DE-588)4113937-9 |
| title | The stability of currency boards |
| title_auth | The stability of currency boards |
| title_exact_search | The stability of currency boards |
| title_full | The stability of currency boards Kai Stukenbrock |
| title_fullStr | The stability of currency boards Kai Stukenbrock |
| title_full_unstemmed | The stability of currency boards Kai Stukenbrock |
| title_short | The stability of currency boards |
| title_sort | the stability of currency boards |
| topic | Currency Board (DE-588)4522367-1 gnd Stabilitätspolitik (DE-588)4077791-1 gnd |
| topic_facet | Currency Board Stabilitätspolitik Hochschulschrift |
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