Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 20
... inflation . To ensure such credibility , three conditions have to be met : sufficient backing of base money ( that is , the central bank has to hold sufficient foreign exchange reserves to cover its entire monetary liabilities ) ; a ...
... inflation . To ensure such credibility , three conditions have to be met : sufficient backing of base money ( that is , the central bank has to hold sufficient foreign exchange reserves to cover its entire monetary liabilities ) ; a ...
Page 21
... Inflation performance under currency boards has been significantly better than under either pegged or floating regimes . During 1975-96 , annual inflation averaged about 6 percent per year for countries with currency boards , 22 percent ...
... Inflation performance under currency boards has been significantly better than under either pegged or floating regimes . During 1975-96 , annual inflation averaged about 6 percent per year for countries with currency boards , 22 percent ...
Page 152
... inflation . This is not realistic , but this assumption was chosen in order to show that the results do not depend on a ' Laffer curve ' for seigniorage revenues under which the revenues from the inflation tax fall with very high inflation ...
... inflation . This is not realistic , but this assumption was chosen in order to show that the results do not depend on a ' Laffer curve ' for seigniorage revenues under which the revenues from the inflation tax fall with very high inflation ...
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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