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- Are Currency Boards a Cure for All Monetary Problems?
- Currency board arrangements may be coming back into fashion. What recent successes have countries had with currency boards and in what circumstances are they most likely to be effective? The article explains about economic credibility, low inflation, and lower interest rates are the immediately obvious advantages of a currency...
- White papers 1998-12-01
- Pricing Currency Risk: Facts and Puzzles from Currency Boards
- Hard pegs, such as currency boards, intend to reduce or even eliminate currency risk. This paper investigates the patterns and determinants of the currency risk premium in two currency boards -- Argentina and Hong Kong. Despite the presumed rigidity of currency boards, the currency premium is almost always positive and...
- White papers 2003-01-01
Additional Resources
- Financial Dollarization and Debt Deflation Under a Currency Board
- In the late currency board years, Argentina faced a real exchange rate adjustment through price deflation amidst growing devaluation expectations. Using a firm-level panel database to analyze the incidence of these factors on the currency composition of private debt and on firms' performance, this paper finds that widespread debt dollarization...
- White papers 2003-09-12
- The ABC of a currency board: currency boards can help countries parry attacks on thei currencies. But is Hong Kong running its board the right way?
- East Asian currencies have depreciated in the fall of 1997, but Hong Kong's dollar has remained pegged to the US dollar. Other East Asian countries do not have currency boards as Hong Kong does, but Hong Kong may not be able to keep its currency safe fromEast Asian currencies have...
- Research articles 1997-11-01
- LITHUANIA: POSITIVE OUTLOOK FOR LITHUANIA'S BAA1.(Moody's Investors Services' ratings upgraded to Baa1 the Ba1Ba2 the foreign currency country ceilings for bonds and bank deposits)(Brief Article)
- According to the annual report on Lithuania by Moody's Investors Service, the nation's present ratings incorporate both its successful economic-stabilization program, which is centered on a currency-board monetary arrangement, and the generally firm According to the annual report on Lithuania by Moody's Investors...
- Research articles 2003-04-22
- Beijing indicates it could move toward a wider currency board.
- Sep 17, 2003 (The Asian Wall Street Journal - ABIX via COMTEX) China will gradually liberalise its currency policy. According to Li Yang, a member of the People's Bank of China's monetary policy committee, the Chinese Government will widen the trading band of the...
- Research articles 2003-09-17
- Monetary Rules For Emerging Market Economies
- This paper compares the performance of a currency board, inflation targeting, and dollarization in a small, open developing economy with a liberalized capital account. It focuses on the transmission of shocks to currency and country risk premia and on the role of fluctuations in premia in the propagation of other...
- White papers 2002-02-01
- The Pros And Cons Of Full Dollarization
- It is analyzed in the paper that the cost and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the United States....
- White papers 2000-03-01
- Statement by Theodore E. Allison, Assistant to the Board, Board of Governors of the Federal Reserve System, before the Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services, U.S. House of Representatives,
- Thank you for the opportunity to comment on the implications for the demand for Federal Reserve notes that are likely to follow from the issuance of euro bank notes, which will--early in the next decade--replace the national currency notes of eleven participating nations in Europe.(1) You have asked the Federal...
- Research articles 1998-12-01
- Federal Reserve announces policy changes.(Federal Reserve Board)(Brief article)
- The Federal Reserve Board announced the approval of policy changes that seek to reduce the overuse of Federal Reserve Bank cash-processing services by providing incentives for depository institutions to recirculate currency among their customers. It is estimated the cash services policy could affect as many as...
- Research articles 2006-05-01
- Federal Paper Board announces that two foreign currency forward contracts and caps have been canceled
- MONTVALE, N.J.--BUSINESS WIRE--Dec. 19, 1994--Federal Paper Board Company, Inc. (NYSE:FBO) today announced that two foreign currency forward contracts and caps, written with Bankers Trust Company on which the Company recorded mark to market losses in the first and second quarters, have been canceled resulting in a fourth quarter $12 million...
- Research articles 1994-12-19
- Sirkka Hamalainen.(interview with executive board member of European Central Bank)(Interview)
- Sirkka Hamalainen, one of the six members of the European Central Bank's executive board, believes that the introduction of the euro as the single currency unit of the EU will have a tremendous impact on the global financial markets. Hamalainen, former governor of the Bank of Finland, sees the euro...
- Research articles 1999-02-01
- Bush expects China to act on currency as Congress steps up pressure
- WASHINGTON AFP — President George W. Bush said he expected China to implement currency reforms, as support increased in the US Congress for legislation to force Beijing to revalue its yuan or face higher tariffs on Chinese imports. "I mean, we're getting indications out of the government, for example,...
- Research articles 2005-06-08
- Financial Regulation and Supervision after the Crisis: The Role of the Federal Reserve
- At the Federal Reserve Bank of Boston 54th Economic Conference, Chatham, MassachusettsOctober 23, 2009 The theme of the Federal Reserve Bank of Boston's Economic Conference this year–reevaluating regulatory, supervisory, and central banking policies in the wake of the crisis–is certainly timely. Not much more than a year ago, we and...
- News items 2009-10-23
- Merc's ailing currency business is the pits. (Chicago Mercantile Exchange)
- Only nine months ago, Chicago Mercantile Exchange Chairman Jack Sandner was looking forward to overtaking the Chicago Board of Trade as the world's biggest futures mart. But the Merc is still trailing the Chicago Board of Trade CBT, and Mr. Sandner Only nine months ago, Chicago...
- Research articles 1996-01-01
- Statement by Edward M. Gramlich, Member, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 25, 1999
- I appreciate this opportunity to appear before the committee to present the views of the Board of Governors of the Federal Reserve System on currency collateral, financial netting, and consumer issues raised by the Conference Report on H.R. 3150, the Bankruptcy Reform Act of 1998. The Board strongly supports section...
- Research articles 1999-05-01
- Formation Of A Private-Sector Working Group On Public Disclosure By Banking And Securities Organizations - service by the Federal Reserve Board - Brief Article
- The Federal Reserve Board, the Office of the Comptroller of the Currency OCC, and the Securities and Exchange Commission SEC announced on April 27, 2000, that the Board had established a private-sector working group to develop options for improving the public disclosure of financial information by banking and securities organizations....
- Research articles 2000-06-01
- Exchange Rate Policy And Debt Crises In Emerging Economies
- This paper explores a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. It examines how the exchange rate affects the supply of short-term debt facing the government. It shows that under a credible hard peg currency board, default is...
- White papers 2003-03-01
- The Role of the Exchange Rate in Monetary Policy Rules
- The article emphasizes that for a country that chooses not to "permanently" fix its exchange rate through a currency board, or a common currency, or some kind of dollarization, the only alternative monetary policy that can work well in the long run is one based on the trinity of a...
- White papers 2001-01-17
- Probe into Currency Fraud at Allied Irish Banks Likely to Lead to Firings.
- By Patrick Hosking, Evening Standard, London Knight Ridder/Tribune Business News Mar. 8--Independent investigator Eugene Ludwig will present his report on the $691 million (UKpound 485 million) currency fraud at Allied Irish Banks' American arm to the full board early next week and the...
- Research articles 2002-03-08
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