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History, Policies and Financial Statements of the Irish Currency Commission and the Central Bank of Ireland (1927 – 1979)

Author

Listed:
  • Wang, Charlie

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

When Ireland gained its independence from the United Kingdom in 1922, contrary to the recommendations offered by the League of Nations, the new country established a Currency Commission that operated similar to a currency board rather than a central bank. I analyze the structure of the Currency Commission and describe the establishment of a central bank in the 1940s with limited monetary powers, then later a central bank with broader powers. I compare the legal structures and operations of the early Central Bank of Ireland and the Currency Commission balance sheet analysis and other approaches to conclude that there are distinct differences between a currency board and a central bank that operates like one.

Suggested Citation

  • Wang, Charlie, 2017. "History, Policies and Financial Statements of the Irish Currency Commission and the Central Bank of Ireland (1927 – 1979)," Studies in Applied Economics 79, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0079
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    File URL: https://sites.krieger.jhu.edu/iae/files/2020/01/CharlieWang_Ireland_HPFS-1.pdf
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    References listed on IDEAS

    as
    1. P. Honohan, 1997. "Currency board or central bank? Lessons from the Irish pound’s link with sterling, 1928-79," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 50(200), pages 39-67.
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    More about this item

    Keywords

    Ireland; central bank; currency board; balance sheet;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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