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| Author: | Gurtner, F. J. |
| Title: | Currency Boards and Debt Traps: Evidence from Argentina and Relevance for Estonia |
| Journal: | World Economy
2003 : FEB, VOL. 26:2, p. 209-228 |
| Index terms: | ARGENTINA ESTONIA CURRENCY EXCHANGE RATES MONETARY POLICY MONETARY CONTROL |
| Language: | eng |
| Abstract: | The main objective of this paper is to assess whether the experience of Argentina may constitute a warning signal for Estonia, a country in transition which has been living nearly a decade with a Currency Board Arrangement and which is seeking EU and EMU membership. Through a brief retrospective, the author shows under which macroeconomic conditions Argentina and Estonia decided to adopt a Currency Board and the main reasons behind the choice of this monetary arrangement. The paper offers a concise review of the theoretical background explaining the behaviour of the Real Exchange Rate (RER) during the transition process and seeks to assess whether the continuous appreciation of Estonia's currency is fully or only partially explained by economic theory. |
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