oa South African Journal of Economic and Management Sciences - Estonian currency board and economic performance
|Article Title||Estonian currency board and economic performance|
|© Publisher:||University of Pretoria|
|Journal||South African Journal of Economic and Management Sciences|
|Affiliations||1 University of Tartu, Estonia|
|Publication Date||Sep 1998|
|Pages||463 - 482|
|Keyword(s)||Currency boards, E 580, Economics, JEL, Monetary policy and Paper money|
ISI Social Science
The sole function of an orthodox (or ""pure"") currency board was to issue paper money fully backed by foreign assets, for which it was exchangeable at a fixed rate. Present-day currency board arrangements, however, are usually coupled with certain instruments of monetary policy too, albeit less extensive than in the case of conventional central banks. This paper sketches the establishment of the Estonian currency board in 1992, and its subsequent impact on the economic reform and performance in Estonia.
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