Hong Kong, which does have a currency board, has fared better than neighboring economies.
Monetary policy is largely out of the state's hands because of the currency board.
The mere word that Suharto was establishing a currency board sent the rupiah up 30%.
Since a currency board would have stabilized the rupiah, that would have enhanced his position.
Argentina pegged its peso to the dollar via a kind of currency board a decade ago.
That would mean essentially running a currency board whenever money flows into the yen.
To stop the rupiah's fall, I recommended that Indonesia adopt a currency board like Hong Kong's.
Turns out that the currency board country is better off than the central bank one.
It already has a currency board that issues pesos only when they are backed by dollars.
Though a few local economists rail against the currency board, they are a lonely minority.
The predictability and rule-based nature of a currency board are two of its biggest advantages.
And two other factors also suggest Hong Kong's currency board will weather the storm.
"The fragile system cannot survive the liquidity crunch created by the currency board, " he says.
The currency board was put in after a total collapse of confidence in the government.
Many predict that a currency board would come under immediate pressure, forcing interest rates sky-high.
Sensibly, Mr de la Rua and Mr Duhalde have both defended the currency board.
The subject is topical in another Baltic state, Lithuania, which introduced a currency board in 1994.
Behind the scenes we should encourage Iraq to adopt a currency board to fight potentially destructive inflation.
In the five years after the introduction of the currency board, Argentina pruned spending and subsidies dramatically.
With a currency board, there is always the ultimate alternative that you can break the currency board.
Also, a classic currency board, unlike a central bank, cannot act as a lender of last resort.
Argentina had a currency board, which meant that each peso was backed by foreign currency, primarily the dollar.
In particular, the collapse of Argentina's currency board would lead to huge strains on Hong Kong's similar board.
Outsiders suspect that a chunk of the currency board's reserves are pledged to prop up the banking system.
Ironically, this was the logic behind Argentina's currency board, anchored to the American dollar rather than to gold.
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First, it has to find a way for Brazil's now-floating currency to cohabit with Argentina's rigid currency board.
The reason was that it had a currency board, which firmly fixes the local currency to the U.S. dollar.
Critics carp that Argentina abandoned its currency board in 2002 after a decade.
If so, economic growth rates in currency board countries would be more erratic.
In Africa, fourteen countries use a euro currency board, and another three countries use another form of euro peg.
FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer
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