University of Massachusetts Amherst ScholarWorks@UMass Amherst Masters Theses 1911 - February 2014 1997 Limiting one's policy choices through a currency board : a rewarding shock therapy approach for Estonia? Ralf W. Boepple University of Massachusetts Amherst Follow this and additional works at: https://scholarworks.umass.edu/theses Boepple, Ralf W., "Limiting one's policy choices through a currency board : a rewarding shock therapy approach for Estonia?" (1997). Masters Theses 1911 - February 2014. 2547. Retrieved from https://scholarworks.umass.edu/theses/2547 This thesis is brought to you for free and open access by ScholarWorks@UMass Amherst. It has been accepted for inclusion in Masters Theses 1911 - February 2014 by an authorized administrator of ScholarWorks@UMass Amherst. For more information, please contact
[email protected]. LIMITING ONE’S POLICY CHOICES THROUGH A CURRENCY BOARD - A REWARDING SHOCK THERAPY APPROACH FOR ESTONIA? A Thesis Presented by RALF W. BOEPPLE Submitted to the Graduate School of the University of Massachusetts Amherst in partial fulfillment of the requirements for the degree of MASTER OF ARTS May 1997 Political Science LIMITING ONE’S POLICY CHOICES THROUGH A CURRENCY BOARD - A REWARDING SHOCK THERAPY APPROACH FOR ESTONIA? A Thesis Presented by RALF W. BOEPPLE Approved as to style and content by: —/X M. J. Peterson, Chair Peter M. Haas, Member Eric Einhom, Department Head Department of Political Science TABLE OF CONTENTS Page LIST OF TABLES v LIST OF FIGURES LIST OF ACRONYMS Chapter I. INTRODUCTION 1 II. HISTORICAL AND ECONOMIC OUTLOOK 14 A. A Brief History of Estonia 14 B. The Social and Economic Structure of Estonia at the Outset of Independence 19 1.