Journal Article
Why attack a currency board?
Kasa, Kenneth (1999)
FRBSF Economic Letter

Journal Article
Currency boards: monetary magic?
Pakko, Michael R. (1998-05)
International Economic Trends , Issue May

Journal Article
Currency board and market intervention in Hong Kong
Fu, Dong (2001-05)
Southwest Economy , Issue May , Pages 13-14

Journal Article
The quest for sound money: currency boards to the rescue
Fieleke, Norman S. (1992-11)
Some countries with high inflation have adopted another nations more stable currency: Panama uses the U.S. dollar, gaining price stability and easier trade with its primary partner. But this arrangement grants an interest-free loan to the government whose currency is used. And the nation using the currency forgoes any income on the foreign currency holdings. ; One alternative, a currency board, achieves the other countrys monetary stability without these costs. Currency boards issue a domestic currency in return for the foreign currency, at a fixed exchange rate. Boards also hold assets ...
New England Economic Review , Issue Nov , Pages 14-24

Journal Article
Dollarization and monetary sovereignty: the case of Argentina
Humpage, Owen F.; Altig, David E. (1999-09)
In January, President Menim of Argentina proposed strengthening his country's commitment to monetary stability by replacing the peso with the U.S. dollar. Dollarization leaves Argentina without a lender of last resort, but the Federal Reserve's current operating procedure combines with existing Argentine arrangements to mitigate this drawback.
Economic Commentary , Issue Sep

Working Paper
Currency boards, dollarized liabilities, and monetary policy credibility
Spiegel, Mark M.; Valderrama, Diego (2003)
The recent collapse of the Argentine currency board raises new questions about the desirability of formal fixed exchange rate regimes in modern developing economies. This paper examines the impact of dollarized liabilities with potential default for a currency board with costly abandonment. We compare the performance of a currency board to a central bank with full discretion in two environments: One with only idiosyncratic firm shocks, and one with both idiosyncratic shocks and shocks to the dollar-euro rate. We show that the possibility of default with peso-valued exports generates a risk ...
Working Paper Series , Paper 2003-07

Journal Article
Money and deflation in Japan
Dewald, William G. (1998-08)
International Economic Trends , Issue Aug

Journal Article
Can currency boards prevent devaluations and financial meltdowns?
Zarazaga, Carlos E. (1995-07)
Southwest Economy , Issue Jul , Pages 6-9

Journal Article
Argentina, Mexico, and currency boards: another case of rules versus discretion
Zarazaga, Carlos E. (1995-10)
This article discusses currency boards in light of the recent economic experiences of Mexico and Argentina. Carlos Zarazaga argues that currency boards do not solve the important time inconsistency problem pointed out in the rules-versus-discretion literature. Because of this failure, even the quasi-currency board established by law (the so-called convertibility law) did not protect Argentina from one of its most severe financial crises in modern times. ; In addition, there is the normative issue of whether an ironclad rule such as a currency board rule is superior to a noncontingent one. ...
Economic and Financial Policy Review , Issue Q IV , Pages 14-24

Journal Article
A Mexican currency board?
Humpage, Owen F. (1995-03)
A look at the pros and cons of replacing Mexico's central bank with a currency board, explaining that although a currency board would eliminate monetary policy discretion and help to restore faith in the peso's purchasing power, it would also prevent exchange-rate changes from aiding economic adjustments.
Economic Commentary , Issue Mar