Currency Boards for Developing Countries: A Handbook

100 percent foreign balance sheets central bank currency central banking system Chapter coins in circulation commercial banks crawling peg credibility currency board country currency board currency currency board notes currency board system currency board units decrease demand deposit-to-cash ratio Deposits at commercial devalue developing countries discretionary monetary policy domestic currency domestic government Estonian exist exports finance fixed exchange rate floating exchange rate foreign currency foreign investment foreign-exchange full convertibility German mark Hong Kong initial foreign reserves International Monetary Fund issuer kroon last resort lender of last loans mercial banks monetary base monetary reform monetary system Money Supply Increase notes and coins parallel currency past currency boards payments pegged exchange rate percent foreign reserves political pressure real exchange rate real interest rates reserve country reserve currency reserves of commercial rubles seigniorage Simplified Money Supply sound currency tend trade typical central bank typical currency board U.S. dollar World Bank