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Crédibilité et currency board : le cas lituanien

Abstract : The lithuanian currency board established in april, 1994 came along with the monetary stability, but it did not benefit from the credibility effect which it was supposed to bring. The text tries to explain this lack of credibility. A first part examines the current hypothesis according to which the differences between the pure model of currency board, supposed to bring credibility by itself, and the lithuanian model, is at the origin of this default. A second part examines the circumstances and effects of the systemic banking crisis of 1995-96. A third part deals with the consequences of the exogeneous shocks on the Lithuanian economy. This leads to another hypothesis: the constraints of the currency board – may it be impure – induced the need to restore discretionary capacities, what was translated as a denaturation. The lack of credibility is then the product of the currency board itself.
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Submitted on : Monday, April 30, 2007 - 9:51:16 AM
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Jérôme Blanc, Jean-François Ponsot. Crédibilité et currency board : le cas lituanien. Revue d'économie financière, Association d'économie financière 2004, pp.113-127. ⟨halshs-00144002⟩



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