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This paper focuses on the process leading to the choice of a currency board as a stabilization instrument, and its specific design. The use of a currency board was complicated and controversial because of serious structural problems, including a systemic banking crisis. It argues that the arrangement was well designed for the task at hand, combining a traditional rule-based exchange arrangement with a number of legal and structural measures to address the pressing bank sector and fiscal issues. In light of the interdependence of the measures, the success of Bulgaria’s currency board stabilization must be attributed to a combination of elements, of which the currency board was a crucial, but not the only determining factor. Structural problems, most notably in the banking sector, were equally severe. The banking crisis had been smoldering since at least 1995. A 1996 review found that out often state banks, which still accounted for more than 80 percent of banking sector assets, nine had negative capital and more than half of all state banks' portfolios were nonperforming.

Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Currency boards --- Commercial banks --- Currencies --- International reserves --- Financial institutions --- Money --- Central banks --- Exchange rates --- Banks and banking --- Foreign exchange reserves --- Bulgaria

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This paper discusses costs, benefits, and implementation challenges of a possible currency union between Belarus and Russia. It shows that Belarus and Russia are economically closely linked but nevertheless do not fulfill all "optimal currency area" criteria, especially the macroeconomic symmetry condition. Furthermore, we argue that the different speeds of economic liberalization over the past decade have resulted in different economic structures, with Belarus still dependent on monetary financing of budgets and industries. However, a final cost-benefit analysis also needs to consider that currency unification may bring substantial benefits from reduced transaction costs, an improved macroeconomic environment in Belarus, and by acting as a catalyst to advance structural reforms in Belarus.

Currency question --- Monetary unions --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Money --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance --- Finance, Public --- Legal tender --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Money and Monetary Policy --- Public Finance --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Foreign Exchange --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- International economics --- Banking --- Monetary economics --- Financial services law & regulation --- Economic & financial crises & disasters --- Public finance & taxation --- Currencies --- Exchange rate risk --- Lender of last resort --- Economic integration --- Financial regulation and supervision --- Financial crises --- Government debt management --- Public financial management (PFM) --- Banks and banking --- Financial risk management --- Banks and banking, Central --- Debts, Public --- Belarus, Republic of

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Historically, countries with currency board arrangements (CBAs) have experienced lower inflation and higher growth than those with other regimes. The experiences of three candidates for EU membership with CBAs (Estonia, Lithuania, and Bulgaria) have also been generally favorable. Can CBAs serve these transition countries well all the way up to the adoption of the euro? After considering the pros and cons, this paper provides an affirmative answer, but notes that to preserve the viability of their CBAs throughout the process, these countries need to maintain strict policy discipline and be prepared to deal with large capital inflows and asymmetric shocks.

Foreign Exchange --- Inflation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- International Monetary Arrangements and Institutions --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Currency boards --- Exchange rate arrangements --- Conventional peg --- Exchange rates --- Prices --- Bulgaria

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About one-third of countries covered by the IMF's African Department are members of the CFA franc zone. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics. However, little academic research exists in the public domain. This book aims to fill this void by bringing together work undertaken in the context of intensified regional surveillance and highlighting the current challenges and the main policy requirements if the arrangements are to be carried forward. The book is based on empirical research by a broad group of IMF economists, with contributions from several outside experts.

French franc area. --- Monetary unions --- Zone franc --- Unions monétaires --- Africa, French-speaking --- Afrique francophone --- Economic policy --- Politique économique --- French franc area --- International Finance --- Finance --- Business & Economics --- 331.31 --- 333.432.2 --- AFR / Africa - Afrika - Afrique --- -332.496 --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Franc area, French --- Economisch beleid. --- Frankgebied. --- Africa, Northern --- Economic policy. --- Unions monétaires --- Politique économique --- Francophone Africa --- French-speaking Africa --- 332.496 --- Economisch beleid --- Frankgebied --- Banks and Banking --- Exports and Imports --- Finance: General --- Foreign Exchange --- Macroeconomics --- Taxation --- Inflation --- Trade: General --- Trade Policy --- International Trade Organizations --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Empirical Studies of Trade --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Banking --- Real effective exchange rates --- Tariffs --- Imports --- Real exchange rates --- International trade --- Taxes --- Terms of trade --- Tariff --- Banks and banking --- nternational cooperation --- Exports --- Côte d'Ivoire