Sterilization Activities and Lender of Last Resort in Recent Currency Board-Like Countries
This paper empirically analyzes discretionary monetary activities in currency-board and central banking countries. It shows that none of the currency board-like countries, except for Argentina, were excessively overusing sterilization activities when these were precisely defined. The author demonstrates that currency-board arrangements can be classified either as orthodox or unorthodox and differ from the majority of the central banking countries.
© 2004 Center for Social and Economic Research (CASE)