摘要：Estonia has a currency board system. What you gain is price stability, a nominal anchor
for internal/external prices. What you lose is discretionary fl exibility to adjust your own
exchange rate/interest rate. Moreover, under a strict interpretation of currency board rules,
a central bank cannot lend to domestic banks. A margin of fl exibility both to support the
local economy and local banks, at times of need can be
achieved by fi scal measures if the fi scal position is initially
strong. If the fi scal position is weak, as in Argentina, then
under a currency board both a government default and a
banking crisis is possible.
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