Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 62
... Interest rates A long time series of interest rates ( drawn from Honohan and Conroy , 1994 ) is plotted in Figure 3. Although the point can be overstated , all authorities agree that , during this period , Irish interest rates were ...
... Interest rates A long time series of interest rates ( drawn from Honohan and Conroy , 1994 ) is plotted in Figure 3. Although the point can be overstated , all authorities agree that , during this period , Irish interest rates were ...
Page 63
... interest rate shown in Figure 3 is the Central Bank Minimum Rediscount Rate . Though from the start it was pitched ... rates . Such persuasion was effective for the first time in 1955 , when the Irish banks were prevailed upon by political ...
... interest rate shown in Figure 3 is the Central Bank Minimum Rediscount Rate . Though from the start it was pitched ... rates . Such persuasion was effective for the first time in 1955 , when the Irish banks were prevailed upon by political ...
Page 103
... interest rates . As an indicator of credibility of CB , short - term interest rate differentials between domestic currency and anchor currency have been low ( 1-2 percentage points ) . However , due to a higher inflation level and a ...
... interest rates . As an indicator of credibility of CB , short - term interest rate differentials between domestic currency and anchor currency have been low ( 1-2 percentage points ) . However , due to a higher inflation level and a ...
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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