Independent Currency Authorities [electronic resource] : An Analytic Primer / Kent Osband.
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TextSeries: IMF Working Papers; Working Paper ; No. 92/50Publication details: Washington, D.C. : International Monetary Fund, 1992Description: 1 online resource (30 p.)ISBN: 1451846886 :ISSN: 1018-5941Subject(s): Central Bank | Currency Board | Domestic Currency | Reserve Currency | SingaporeAdditional physical formats: Print Version:: Independent Currency Authorities : An Analytic PrimerOnline resources: IMF e-Library | IMF Book Store Abstract: This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such operations through a 100 percent marginal foreign reserve cover. They also impose significant constraints on the banking system and the budget of the country that operates them. When supporting institutions have been put in place, ICAs appear to have promoted price stability, foreign trade, saving, and investment.
This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such operations through a 100 percent marginal foreign reserve cover. They also impose significant constraints on the banking system and the budget of the country that operates them. When supporting institutions have been put in place, ICAs appear to have promoted price stability, foreign trade, saving, and investment.
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