Guillermo Perry - Currency boards and external shocks: how much pain, how much gain?
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Currency Boards and External Shocks : How Much Pain, How Much Gain? World Bank Latin American and Caribbean Studies
author
:
Perry, Guillermo.
publisher
:
World Bank
isbn10 | asin
:
0821338641
print isbn13
:
9780821338643
ebook isbn13
:
9780585256405
language
:
English
subject
Currency boards--Congresses.
publication date
:
1997
lcc
:
HG230.5.C87 1997eb
ddc
:
332.4/6
subject
:
Currency boards--Congresses.
Page i
Currency Boards and External Shocks
How Much Pain, How Much Gain?
Edited by Guillermo E. Perry Guillermo Calvo W. Max Corden Stanley Fischer Sir Alan Walters John Williamson
Page ii
Copyright 1997 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, N. W. Washington, D. C. 20433, U.S.A.
All rights reserved Manufactured in the United States of America First printing January 1997
The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A.
Library of Congress Cataloging-in-Publication Data
Currency boards and external shocks : how much pain, how much gain? / edited by Guillermo E. Perry ; Guillermo Calvo... [et al.]. p. cm. (World Bank Latin American and Caribbean studies) "Proceedings." Includes index. ISBN 0-8213-3864-1 1. Currency boardsCongresses. I. Perry, Guillermo. II. Calvo, Guillermo. III. Series HG230.5.C87 1997 332.46dc21 96-51060 CIP
Page iii
Contents
Foreword
v
I. Introduction and Summary
by Guillermo E. Perry
1
II. The Dilemmas of Currency Boards
by W. Max Corden
3
III. Features and Implications of Currency Boards: Some Thoughts about the Argentine Situation
by John Williamson
7
IV. The Experience of Hong Kong
by Sir Alan Walters
11
V. Argentina's Experience after the Mexican Crisis
by Guillermo Calvo
15
VI. Closing Remarks: What Have We Learned?
by Stanley Fischer
19
Contributors
23
Notes
25
Page v
Foreword
These proceedings provide an account of a roundtable discussion on the subject of "External Shocks and Currency Boards: How Much Pain? How Much Gain?" held at the World Bank on October 4, 1996. The event was sponsored by the Office of the Chief Economist of the Latin America and the Caribbean Region, and its audience of more than 100 people included representatives of various national governments and central banks, the private sector, and academia, as well as staff members of the International Monetary Fund, the World Bank, and the Inter-American Development Bank.
Because the panelists, all distinguished experts in the field of international macroeconomics, had a very specialized audience at the time, some of the discussion may be unclear for readers without background on the workings of currency boards. Currency boards are institutions that replace central banks and ensure that a country's currency can be purchased at a given price (or exchange rate) upon demand, thus imposing a fixed exchange rate on international transactions. A variety of countries have adopted such systems, including Argentina since 1991, Hong Kong since the early 1980s, and several countries undergoing transitions from planned to market-oriented economic systems. Ecuador is currently considering establishing such a system.
The key advantage of such a system is that it prohibits the use of liberal monetary policies, which can lead to high inflation. However, currency boards also limit the ability of an economy to react to changes in international economic conditions if foreign currency reserves dry up. These threats to the stability of the financial sector may come not from any domestic cause, but from economic events that originate outside the domain of national economiesso-called "external shocks," such as the fallout from the December 1994 Mexico peso devaluation (the "tequila effect"). It was the impact of external shocks that was the focus of the World Bank discussion.
The panelists addressed the challenges countries face when operating under a currency-board system of currency exchange, with an emphasis on discussing how certain costs can be minimized while maximizing the gains. We hope the publication of these proceedings will provide stimulus to ongoing discussions regarding the costs and benefits of such monetary arrangements, not only in Latin America and the Caribbean but throughout the world.
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