Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 103
... credibility and transparency of monetary policy as well as a firm ground for economic reforms . Despite of rigidity of CB arrangement , it has had two major advantages for Estonia . First , it helped to gain rapid credibility . Second ...
... credibility and transparency of monetary policy as well as a firm ground for economic reforms . Despite of rigidity of CB arrangement , it has had two major advantages for Estonia . First , it helped to gain rapid credibility . Second ...
Page 143
... credibility of the peg . Indeed , it is a well - established fact in the discussion on fixed exchange rate regimes that the most important ingredient for the long term sustainability of a currency peg is the credibility of the ...
... credibility of the peg . Indeed , it is a well - established fact in the discussion on fixed exchange rate regimes that the most important ingredient for the long term sustainability of a currency peg is the credibility of the ...
Page 150
... credibility trap . This occurs when a government loses credibility in the eyes of the financial markets and is forced to pay a risk premium in the form of higher interest rates . The higher debt - service burden that results , if ...
... credibility trap . This occurs when a government loses credibility in the eyes of the financial markets and is forced to pay a risk premium in the form of higher interest rates . The higher debt - service burden that results , if ...
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Common terms and phrases
accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Hong Kong Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages