Original Research
Estonian currency board and economic performance
South African Journal of Economic and Management Sciences | Vol 1, No 3 | a2557 |
DOI: https://doi.org/10.4102/sajems.v1i3.2557
| © 2018 M. Sõrg
| This work is licensed under CC Attribution 4.0
Submitted: 03 July 2018 | Published: 30 September 1998
Submitted: 03 July 2018 | Published: 30 September 1998
About the author(s)
M. Sõrg, University of Tartu, EstoniaFull Text:
PDF (951KB)Abstract
The sole function of an orthodox (or "pure") currency board was to issue paper money fully backed by foreign assets, for which it was exchangeable at a fixed rate. Present-day currency board arrangements, however, are usually coupled with certain instruments of monetary policy too, albeit less extensive than in the case of conventional central banks. This paper sketches the establishment of the Estonian currency board in 1992, and its subsequent impact on the economic reform and performance in Estonia.
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