Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 58
... Assets 70,7 152,4 85,7 89,3 10,3 Consolidated Private Bank Notes 4,9 3,1 0,5 0,2 0,1 Surplus Income 0,2 0,4 1,4 3,5 13,0 | ----- -End - March- End - Dec % of GNP Assets Foreign Gold 1935 1945 1955 1965 1974 4,80 11,89 15,86 15,62 13,73 ...
... Assets 70,7 152,4 85,7 89,3 10,3 Consolidated Private Bank Notes 4,9 3,1 0,5 0,2 0,1 Surplus Income 0,2 0,4 1,4 3,5 13,0 | ----- -End - March- End - Dec % of GNP Assets Foreign Gold 1935 1945 1955 1965 1974 4,80 11,89 15,86 15,62 13,73 ...
Page 63
... assets relative to DM - denominated assets during the EMS are illustrated in Figure 4 , which plots the cumulative excess returns , measured as a percentage deviation from 1971 . From the figure we can see that ( obviously ) there are ...
... assets relative to DM - denominated assets during the EMS are illustrated in Figure 4 , which plots the cumulative excess returns , measured as a percentage deviation from 1971 . From the figure we can see that ( obviously ) there are ...
Page 133
... assets to back it . Gold and convertible currencies ( mainly DM - denominated assets ) are assets eligible for backing . The currency board's liabilities are notes and coins , as well as banks ' mandatory reserves . The Banking ...
... assets to back it . Gold and convertible currencies ( mainly DM - denominated assets ) are assets eligible for backing . The currency board's liabilities are notes and coins , as well as banks ' mandatory reserves . The Banking ...
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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