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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.

AA / International- internationaal --- 333.825 --- 333.111.40 --- 333.420.0 --- Currency boards --- 332.414 --- Financial institutions --- Monetary policy --- Deviezenpolitiek. Interventies. --- Gelduitgifte en gelddekking: algemeen. --- Theorieën in verband met de keuze van de geldstandaard. Currency substitution. Foreign currency deposits. --- Politics & government --- Economic theory & philosophy --- Monetary economics --- Economic history --- Currency boards |v Case studies. --- Deviezenpolitiek. Interventies --- Gelduitgifte en gelddekking: algemeen --- Theorieën in verband met de keuze van de geldstandaard. Currency substitution. Foreign currency deposits --- Argentina --- Boards --- Currency --- Currency Board --- Currency Crisis --- Estonia --- Exchange Rate --- Foreign-Currency Debt --- Hong Kong --- Lithuania --- Stabilitätspolitik --- Stability --- Stukenbrock