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European experiences of currency boards : Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina

Author

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  • Jean-François Ponsot

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

Currency Board Arrangements (CBAs) have been introduced in Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina in a view to underpinning the monetary credibility of the process of transition and/or of macroeconomic stabilization. To offset the financial and adjustment constraints imposed by the CBAs rigidity, the banking system has developed original strategies and CBAs have been adjusted. But such palliative measures provide only limited room for manoeuvre and tend to distort the CBA, thereby damaging its credibility. Indeed, the CBA is a perverse system in the sense that its workings is in contradiction with the endogeneity of money. The prospect of eventual integration in the EMU is a possible exit solution but its success will largely depend on European financing flows.

Suggested Citation

  • Jean-François Ponsot, 2006. "European experiences of currency boards : Estonia, Lithuania, Bulgaria and Bosnia and Herzegovina," Post-Print halshs-00191898, HAL.
    • Handle: RePEc:hal:journl:halshs-00191898
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    Cited by:

    1. Vlastimir Vukovic & Aleksandar Zdravkovic, 2011. "The Inflation and Exchange Rate in the Five Balkan Countries from Maastricht Convergence Criteria Prospect," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 3, pages 38-55, Institute of Economic Sciences.
    2. Gedeon Shirley, 2010. "The Political Economy of Currency Boards: Case of Bosnia and Herzegovina," South East European Journal of Economics and Business, Sciendo, vol. 5(2), pages 7-20, November.

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