On Currency Boards an Updated Bibliography of Scholarly Writings (2020)
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A Survey of the Institutional and Operational Aspects of Modern-Day Currency Boards by Corrinne Ho
BIS Working Papers No 110 A survey of the institutional and operational aspects of modern-day currency boards by Corrinne Ho Monetary and Economic Department March 2002 Abstract This paper surveys the institutional and operational features of the six modern currency boards. The survey is developed around three key aspects: organisation, operations and legal foundation. By laying out the facts, this survey seeks to shed light on how and why modern currency boards in practice are different from the classic definition, and to distil from their features an updated definition and the revised “rules of the game”. JEL Classification Numbers: E42, E52, E58 Keywords: currency boards, convertibility, rules, discretion, liquidity management BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Information, Press & Library Services CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2002. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-0959 Table of contents -
A History of the Pacific Islands
A HISTORY OF THE PACIFIC ISLANDS I. C. Campbell A HISTORY OF THE PACIFIC ISLANDS Thi s One l N8FG-03S-LXLD A History of the Pacific Islands I. C. CAMPBELL University of California Press Berkeley • Los Angeles Copyrighted material © 1989 I. C. Campbell Published in 1989 in the United States of America by the University of California Press Berkeley and Los Angeles All rights reserved. Apart from any fair use for the purposes of private study, research, criticism or review, no part whatsoever may by reproduced by any process without the express written permission of the author and the University of California Press. Library of Congress Cataloguing-in-Publication Data Campbell, LC. (Ian C), 1947- A history of the Pacific Islands / LC. Campbell, p. cm. "First published in 1989 by the University of Canterbury Press, Christchurch, New Zealand" — T.p. verso. Includes bibliographical references. ISBN 0-520-06900-5 (alk. paper). — ISBN 0-520-06901-3 (pbk. alk. paper) 1. Oceania — History. I. Title DU28.3.C35 1990 990 — dc20 89-5235 CIP Typographic design: The Caxton Press, Christchurch, New Zealand Cover design: Max Hailstone Cartographer: Tony Shatford Printed by: Kyodo-Shing Loong Singapore C opy righted m ateri al 1 CONTENTS List of Maps 6 List of Tables 6 A Note on Orthography and Pronunciation 7 Preface. 1 Chapter One: The Original Inhabitants 13 Chapter Two: Austronesian Colonization 28 Chapter Three: Polynesia: the Age of European Discovery 40 Chapter Four: Polynesia: Trade and Social Change 57 Chapter Five: Polynesia: Missionaries and Kingdoms -
THE HISTORY of the TONGA and FISHING COOPERATIVES in BINGA DISTRICT 1950S-2015
FACULTY OF ARTS DEPARTMENT OF HISTORY EMPOWERMENT OR CONTROL? : THE HISTORY OF THE TONGA AND FISHING COOPERATIVES IN BINGA DISTRICT 1950s-2015 BY HONOUR M.M. SINAMPANDE R131722P DISSERTATION SUBMITTED TO THE FACULTY OF ARTS IN PARTIAL FULLFILMENT OF THE REQUIREMENTS OF THE HONOURS DEGREE IN HISTORY AT MIDLANDS STATE UNIVERSITY. NOVEMBER 2016 ZVISHAVANE: ZIMBABWE SUPERVISOR DR. T.M. MASHINGAIDZE APPROVAL FORM The undersigned certify that they have supervised the student Honour M.M Sinampande (R131722P) dissertation entitled Empowerment or Control? : The history of the Tonga and fishing cooperatives in Binga District 1950-210 submitted in partial fulfillment of the requirements of the Bachelor of Arts in History Honours Degree offered by Midlands State University. Dr. T.M Mashingaidze ……………………… SUPERVISOR DATE …….……………………………………… …………………………….. CHAIRPERSON DATE ….………………………………………… …………………………….. EXTERNAL EXAMINER DATE DECLARATION I, Honour M.M Sinampande declare that, Empowerment or Control? : The history of the Tonga and fishing cooperatives in Binga District 1950s-2015 is my own work and it has never been submitted before any degree or examination in any other university. I declare that all sources which have been used have been acknowledged. I authorize the Midlands State University to lend this to other institution or individuals for purposes of academic research only. Honour M.M Sinampande …………………………………………… 2016 DEDICATION This work is dedicated to my father Mr. H.M Sinampande and my mother Ms. J. Muleya for their inspiration, love and financial support throughout my four year degree programme. ABSTRACT The history of the Tonga have it that, the introduction of the fishing villages initially and then later the cooperative system in Binga District from the 1950s-2015 saw the Zambezi Tonga lose their fishing rights. -
Currency Board and Dollarization
Currency Board and Dollarization 1 Currency Board Only a few countries, mainly in Europe, had central banks before the twentieth century. Central banking did not became widespread in the Americas until the period between the First and Second World Wars, and did not become widespread in Africa and Asia until after the Second World War. There were certain arrangements of monetary authorities alternative to central banks. Among the other monetary systems that once were widespread were currency boards. After decades of decline, currency boards have enjoyed a revival of interest in the 1990s. 1.1 What Is a Currency Board? The main characteristics of a currency board are as follows. (1) Anchor Currency The domestic currency maintains a fixed exchange rate to an anchor currency (British pound sterling, U.S. dollar, Euro etc.), and the note-issuing is 100% backed by a foreign assets. A currency board is a variant of fixed exchange rate targeting in which the com- mitment to the fixed exchange rate is by design permanent and is particularly strong. A currency board maintains full, unlimited convertibility between its notes and coins and the anchor currency at a fixed rate of exchange. (2) Reserves A currency board’s reserves are equal to 100 percent or slightly more of its notes and coins in circulation, as set by law. As reserves, a currency board holds low-risk, interest-bearing bonds and other assets denominated in the anchor currency. (3) Monetary Policy By design, a currency board has no discretionary power in monetary policy; market forces alone determine the money supply. -
Sudden Stops and Currency Drops: a Historical Look
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: The Decline of Latin American Economies: Growth, Institutions, and Crises Volume Author/Editor: Sebastian Edwards, Gerardo Esquivel and Graciela Márquez, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-18500-1 Volume URL: http://www.nber.org/books/edwa04-1 Conference Date: December 2-4, 2004 Publication Date: July 2007 Title: Sudden Stops and Currency Drops: A Historical Look Author: Luis A. V. Catão URL: http://www.nber.org/chapters/c10658 7 Sudden Stops and Currency Drops A Historical Look Luis A. V. Catão 7.1 Introduction A prominent strand of international macroeconomics literature has re- cently devoted considerable attention to what has been dubbed “sudden stops”; that is, sharp reversals in aggregate foreign capital inflows. While there seems to be insufficient consensus on what triggers such reversals, two consequences have been amply documented—namely, exchange rate drops and downturns in economic activity, effectively constricting domes- tic consumption smoothing. This literature also notes, however, that not all countries respond similarly to sudden stops: whereas ensuing devaluations and output contractions are often dramatic among emerging markets, fi- nancially advanced countries tend to be far more impervious to those dis- ruptive effects.1 These stylized facts about sudden stops have been based entirely on post-1970 evidence. Yet, periodical sharp reversals in international capital flows are not new phenomena. Leaving aside the period between the 1930s Depression and the breakdown of the Bretton-Woods system in 1971 (when stringent controls on cross-border capital flows prevailed around Luis A. -
A Currency Board for European Monetary Union Outsiders
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Sutter, Matthias Article — Digitized Version A currency board for European Monetary Union outsiders Intereconomics Suggested Citation: Sutter, Matthias (1996) : A currency board for European Monetary Union outsiders, Intereconomics, ISSN 0020-5346, Nomos Verlagsgesellschaft, Baden-Baden, Vol. 31, Iss. 3, pp. 131-138, http://dx.doi.org/10.1007/BF02930440 This Version is available at: http://hdl.handle.net/10419/140544 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu EUROPEAN MONETARY UNION distribution system would need to be chosen which, sovereignty individual countries gained ought to be above all, would encourage countries to impose the regarded as a risk rather than an opportunity. -
Wiiw Research Report 265: Fiscal Policy Under a Currency Board Arrangement
WIIW Research Reports No. 265 March 2000 Rumen Dobrinsky Fiscal Policy Under a Currency Board Arrangement: Bulgaria's Post-crisis Policy Dilemmas Rumen Dobrinsky Fiscal Policy Under a Rumen Dobrinsky is Economic Affairs Currency Board Officer, United Nations Economic Arrangement: Commission for Europe/Economic Analysis Division. The author has longstanding Bulgaria's Post-crisis research relations with WIIW. Policy Dilemmas Contents Abstract...............................................................................................................................i Executive Summary........................................................................................................... iii 1 Introduction ...................................................................................................................1 2 Fiscal policy in a currency board system .......................................................................2 3 Some issues in transitional fiscal accounting.................................................................6 4 Bulgaria’s recent economic performance.....................................................................11 4.1 Post-crisis adjustment..........................................................................................11 4.2 Competitiveness ..................................................................................................13 4.3 The state of the enterprise sector.........................................................................17 5 Current fiscal policy dilemmas -
Currency Substitution: the Use of Hong Kong Dollars in Southern China
Journal of Economic Integration 17(3), September 2002; 596-607 Currency Substitution: The Use of Hong Kong Dollars in Southern China Kui Yin Cheung and Chengze Simon Fan Lingnan University Abstract This paper studies the circulation of Hong Kong dollars in the Chinese Mainland. It first estimates the amount of Hong Kong dollars circulating in southern China in the last fifteen years. The regression analysis indicates that the growth rate of Hong Kongs foreign direct investment in China and the growth rate of trade volume between Hong Kong and China are some of the main determinants that contribute to the widespread use of Hong Kong dollars in southern China. The difference of real returns between Hong Kong dollar denominated assets and Chinese Renminbi denominated assets, however, has no effect on the amount of Hong Kong dollars circulating in China. • JEL Classifications: E41, F36 • Key Words: Currency Substitution, Hong Kong Dollars, Hong Kong I. Introduction Currency substitution is an important issue in international macroeconomics because it is often regarded as a major contributing factor in the economic interdependence of countries. For instance, currency substitution has important impact on the exchange rate (McKinnon, 1982). In the face of exogenous changes in the expected rate of depreciation, Girton and Roper (1981) show that the exchange rate volatility increases with the degree of currency substitution. Furthermore, currency substitution may transmit the effect of monetary disturbances from one country to another (Miles, 1978). This paper attempts to *Corresponding address: Kui Yin Cheung, Department of Economics, Lingnan University, Tuen Mun, N.T., Hong Kong, Tel: +852-2616 7187, Fax: +852-2891-7940, E-mail: [email protected] 2002-Center for International Economics, Sejong Institution, All Rights Reserved. -
Design and Operation of Existing Currency Board Arrangements
2 0 3 Ma³gorzata Jakubiak Design and Operation of Existing Currency Board Arrangements W a r s a w , 2 0 0 0 Materials published here have a working paper character. They can be subject to further publication. The views and opinions expressed here reflect Authors’ point of view and not necessarily those of CASE. This paper was prepared for the research project "Ukraine Macroeconomic Policy Program" financed by the United States Agency for International Development (USAID). © CASE – Center for Social and Economic Research, Warsaw 2000 Graphic Design: Agnieszka Natalia Bury DTP: CeDeWu – Centrum Doradztwa i Wydawnictw “Multi-Press” sp. z o.o. ISSN 1506-1701, ISBN 83-7178-208-X Publisher: CASE – Center for Social and Economic Research ul. Sienkiewicza 12, 00-944 Warsaw, Poland tel.: (4822) 622 66 27, 828 61 33, fax (4822) 828 60 69 e-mail: [email protected] Contents Abstract 5 1. Definition 6 2. How are Currency Boards Related to Other Monetary and Exchange Rate Regimes? 6 3. Experience from Existing Currency Boards 8 3.1. Design of Existing Currency Board 8 3.2. Implementation Experience and Long-Term Effects 11 4. Advantages and Disadvantages of the Currency Board Arrangement 17 5.What Conditions Must Be Satisfied in Order to Be Able to Implement a Currency Board Regime? 20 References 22 Studies & Analyses CASE No. 203 – Ma³gorzata Jakubiak Ma³gorzata Jakubiak Junior Researcher, CASE Foundation The author holds an MA in International Economics from the University of Sussex and an MA in Economics from the University of Warsaw. Since 1997 junior researcher at the Center for Social and Economic Research – CASE. -
Cedaw Smokescreens: Gender Politics in Contemporary Tonga
CEDAW Smokescreens: Gender Politics in Contemporary Tonga Helen Lee Tonga remains one of only six countries that have not ratified the Convention on the Elimination of All Forms of Discrimination Against Women (cedaw), which was adopted in 1979 by the United Nations Gen- eral Assembly. In March 2015, the Tongan government made a commit- ment to the United Nations that it would finally ratify cedaw, albeit with some reservations. The prime minister, ‘Akilisi Pōhiva, called it “a historic day for all Tongans . in support of our endeavour to eliminate all forms of discrimination against women and girls” (Matangi Tonga 2015e).1 However, the decision to ratify was met with public protests and peti- tions, and in June, the Privy Council, headed by the king, announced that the proposed ratification was unconstitutional (P Fonua 2015), claiming that under clause 39 of Tonga’s 1875 Constitution, “only the King can lawfully make treaties with foreign states” (Radio New Zealand 2015b). This article asks why so many Tongans, both male and female, are against ratifying cedaw. I argue that their protests conceal much deeper anxieties about gender equality and, more broadly, about democracy and Tonga’s future. In order to understand this resistance to cedaw’s ratification, I explore key issues in Tonga’s contemporary gender politics, including women’s roles in leadership, the economy, and the family, as well as gov- ernment policies addressing gender equality. cedaw in Tonga Most Pacific nations have ratified or acceded to cedaw,2 beginning with New Zealand in 1985 and Sāmoa in 1992. The only remaining Pacific countries are Palau, which signed the convention in 2011 but has not for- mally ratified or acceded to it,3 and Tonga, which has not even signed the The Contemporary Pacic, Volume 29, Number 1, 66–90 © 2017 by University of Hawai‘i Press 66 lee • cedaw smokescreens 67 convention (United Nations 2016). -
A Model of Currency Substitution in Exchange Rate Determination, 1973-78
A Model of Currency Substitution in Exchange Rate Determination, 1973-78 ARTURO BRILLEMBOURG and SUSAN M. SCHADLER * д т THE OUTSET of the current floating exchange rate regime, jfTi expectations were widespread that the new system would allow countries a high degree of policy independence yet reduce strains on the free international movement of goods, services, and capital. Even long-standing critics of exchange rate flexibility seemed unable to oppose meaningfully the advent of flexible exchange rates in the face of the severe strains of reserve changes and international payments imbalances. Domestic financial pol- icies and economic performance in the major industrial countries had diverged to such an extent that fixed relationships among currencies were obviously unfeasible. After several years' experience with floating exchange rates, however, it is far from clear that exchange rate flexibility enhances the ability of coun- tries to pursue their own chosen policies without contributing to severe disruptions in the international monetary system. In fact, as experience with the regime grows, a number of the fun- damental tenets of flexible exchange rate advocates are being called into question. The long-standing case for floating exchange rates has centered principally around the argument that exchange rate flexibility allows individual countries to choose financial policies indepen- dently while removing the burden of intervention on those coun- * Mr. Brillembourg, economist in the Special Studies Division of the Research Department, is a graduate of Harvard University and of the University of Chicago. Ms. Schadler, economist in the Special Studies Division of the Research Department, holds degrees from Mount Holyoke College and the London School of Economics and Political Science. -
The Implications of Currency Substitution Experiencesin Latin America and in Eastern Europe for Cuba
The Implications of Currency Substitution Experiencesin Latin America and in Eastern Europe for Cuba Lorenzo L. Pérez. International Monetary Fund [1] I. Introduction This paper assesses the experience of dollarization and currency substitution in Latin America and in Eastern Europe and analyzes the implications of this phenomena for Cuba. Under conditions of high inflation, the ability of national currencies to function adequately as a store of value, a unit of account, and a means of exchange is hindered. In these circumstances, the domestic currency tends first to be displaced as a store of value by a stableand convertible currency (usually in the form of interest-bearing foreign currency deposits); this phenomenon is known in the literature as dollarization.[2] Long periods of high inflation induce the public also to conduct transactions in foreign currency, a process which is usually referred in the literature as currency substitution. Both types of experiences are occurring in Cuba. SectionII summarizes the measures taken by the Castro Government to allow the circulation of freely convertible currencies (mostly U.S. dollars) in Cuba. SectionIII discusses the reasons of why dollarization and currency substitution take place, and the form and extent that it has taken place in Latin America and European countries. SectionIV discusses the advantages and disadvantages of allowing a foreign currency as legal tender. SectionV draws conclusions from the experience of other countries for Cuba's recent dollarization and currency substitution developments and the implications for the future. II. Cuba's Experience with Dollarization and Currency Substitution Prior to the summer of 1993, U.S.