06413 am 22006613u 450 991029703820332120230621141058.03-631-75699-210.3726/b14167(CKB)4100000007277022(OAPEN)1003350(oapen)https://directory.doabooks.org/handle/20.500.12854/28980(MiAaPQ)EBC30685961(Au-PeEL)EBL30685961(EXLCZ)99410000000727702220200115h20042004 fy 0engurmu#---auuuutxtrdacontentcrdamediacrrdacarrierThe stability of currency boards /Kai Stukenbrock1st ed.BernPeter Lang International Academic Publishing Group2018Frankfurt am Main, Germany:Peter Lang,[2004]Frankfurt am Main, Germany:Peter Lang,[2018]©20041 online resource (237 pages) illustrations, charts; digital, PDF file(s)CeGE-Schriften,1617-741X ;8Originally presented as the author’s doctoral thesis: Gottingen, 2003.Print version: 9783631520314 Includes bibliographical references.Cover -- List of Figures -- List of Tables -- List of Abbreviations -- List of Variables -- 1 Introduction -- 2 Currency Boards-An Overview -- 2.1 Basic Features of a Currency Board -- 2.1.1 Definition of a Currency Board -- 2.1.2 Currency Boards vs Central Banks -- 2.1.3 Flexibility in Design -- 2.2 Currency Board Characteristics -- 2.2.1 Credibility and Macroeconomic Stability -- 2.2.2 The Adjustment Process and Market Flexibility -- 2.2.3 Anchor Currency Selection-A Theory of Optimum Currency Areas Perspective -- 2.2.4 Monetary Policy, Lender of Last Resort Support, and Financial Fragility -- 2.2.5 Fiscal Policy -- 2.3 Conclusion -- 3 Past and Present Currency Boards -- 3.1 History of Currency Boards -- 3.1.1 General Overview -- 3.1.2 Foundations -- 3.1.3 The First Currency Boards (1849-1912) -- 3.1.4 The West African Currency Board (1913) -- 3.1.5 The Peak and Decline of the Currency Board System (1913-1974) -- 3.2 Hong Kong (1983) -- 3.2.1 Lead-Up to the Currency Board -- 3.2.2 Currency Board Design -- 3.2.3 Currency Board Performance -- 3.3 Argentina (1991-2002) -- 3.3.1 Lead-Up to the Currency Board -- 3.3.2 Currency Board Design -- 3.3.3 The Early Years of the Currency Board and the Tequila Crisis -- 3.3.4 The Late Years and Currency Board Exit -- 3.4 Estonia (1992) and Lithuania (1994) -- 3.4.1 Lead-Up to the Currency Boards -- 3.4.2 Currency Boards Design -- 3.4.3 Currency Boards Performance -- 3.4.4 Accession to the European Union and the European Monetary Union -- 3.5 Bulgaria (1997) -- 3.5.1 Lead-Up to the Currency Board -- 3.5.2 Currency Board Design -- 3.5.3 Currency Board Performance -- 3.6 Summary -- 4 Stability and Instability of Currency Boards-a Theoretical Analysis -- 4.1 Models of Currency Crises -- 4.1.1 First and Second Generation Currency Crises Models -- 4.1.2 Critique of Second Generation Crises Models.4.1.3 Classification of the Currency Board Crises Model -- 4.2 The Standard Model -- 4.2.1 Model Outline -- 4.2.2 Discretionary Exchange Rate Policy -- 4.2.3 Fixed Exchange Rate and Time-Inconsistency -- 4.2.4 Political Cost of Devaluation and Incomplete Information -- 4.2.5 Possible Equilibria -- 4.2.5.1 FC equilibrium -- 4.2.5.2 ZC equilibrium -- 4.2.5.3 PC equilibria -- 4.2.5.4 Graphical Representation and Multiple Equilibria -- 4.2.5.5 Model Parameters and Types of Equilibria -- 4.2.6 Inter-temporal Linkages and Dynamic Effects -- 4.2.7 Stability of the Currency Board -- 4.2.7.1 Gains from Increased Credibility -- 4.2.7.2 Destabilization through Unemployment -- 4.2.7.3 Destabilization through a Sequence of PC Equilibria -- 4.2.7.4 Employment-Decreasing Shocks -- 4.2.7.5 Conclusion -- 4.2.8 Loss from Exit -- 4.3 The Model with Debt -- 4.3.1 Possible Effects of Foreign-Currency Debt on the Model Economy -- 4.3.2 Unemployment -- 4.3.3 Discretionary and Fixed Exchange Rate Policy -- 4.3.4 Model Equilibria -- 4.3.5 Graphical Representation and Interpretation of the Modified Model -- 4.3.6 Model Dynamics and Resilience to Shocks -- 4.3.7 Loss from Exit and Conclusion -- 5 Conclusion -- 5.1 Currency Board Selection -- 5.2 Currency Board Stability -- 5.3 The Risks -- 5.4 Outlook -- Appendices -- A Currency Boards 1849-2002 Overview -- B Currency Board Design Features -- C Derivation of Equations -- C.1 The Standard Model -- C.1.1 Derivation of Devaluation and Loss Equations (4.6) and (4.7) -- C.1.2 Proof that (4.9) Greater than (4.11) -- C.1.3 Difference Loss Fixed and Loss Discretionary Exchange Rate -- C.1.4 Derivation of Equation (4.19), Expected Devaluation -- C.1.5 Derivation of Unemployment Equation (4.24) -- C.1.6 Derivation of Unemployment Equation (4.28) -- C.1.7 Derivation of critical value for c (4.30).The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.CeGE-Schriften,1617-741X ;8.Currency boardsCase studiesArgentinaBoardsCurrencyCurrency BoardCurrency CrisisEstoniaExchange RateForeign-Currency DebtHong KongLithuaniaStabilitätspolitikStabilityStukenbrockCurrency boards332.46Stukenbrock Kai902814UkMaJRUBOOK9910297038203321The stability of currency boards2018170UNINA05193nam 22012013u 450 991078248110332120231116221432.00-19-045000-20-19-024207-81-281-34217-397866113421730-19-804389-9(CKB)1000000000556420(EBL)415206(OCoLC)476240900(SSID)ssj0000130500(PQKBManifestationID)12052627(PQKBTitleCode)TC0000130500(PQKBWorkID)10082649(PQKB)10087963(StDuBDS)EDZ0001161927(MiAaPQ)EBC415206(EXLCZ)99100000000055642020140113d2008|||| u|| |engur|n|---|||||txtccrCoping Power[electronic resource] Parent Group Facilitator's GuideNew York ;Oxford Oxford University Press20081 online resource (185 p.)Treatments That WorkDescription based upon print version of record.0-19-532788-8 Includes bibliographical references and index.Contents; Chapter 1 Introductory Information for Parent Group Facilitators; Chapter 2 Parent Group Logistics; Coping Power Program: Year 1; Chapter 3 Session 1: Introductions, Overview, and Academic Support; Chapter 4 Session 2: Academic Support in the Home; Chapter 5 Session 3: Stress Management-Part I; Chapter 6 Session 4: Stress Management-Part II; Chapter 7 Session 5: Basic Social Learning Theory and Improving the Parent-Child Relationship; Chapter 8 Session 6: Ignoring Minor Disruptive Behavior; Chapter 9 Session 7: Giving Effective Instructions to ChildrenChapter 10 Session 8: Establishing Rules and ExpectationsChapter 11 Session 9: Discipline and Punishment-Part I; Chapter 12 Session 10: Discipline and Punishment-Part II; Chapter 13 Session 11: Getting Ready for Summer; Coping Power Program: Year 2; Chapter 14 Session 12: Academic Support in the Home-Review Session; Chapter 15 Session 13: Building Family Cohesion; Chapter 16 Session 14: Family Problem Solving; Chapter 17 Session 15: Family Communication; Chapter 18 Session 16: Long-Term Planning, Termination; References; About the AuthorsThe Coping Power Program is designed for use with preadolescent and early adolescent aggressive children and their parents and is often delivered near the time of children's transition to middle school. Aggression is one of the most stable problem behaviors in childhood. If not dealt with effectively, it can lead to negative outcomes in adolescence such as drug and alcohol use, truancy and dropout, delinquency, and violence. This program has proven effective in helping to avoid these types of problems. The parent component of the program consists of 16 group meetings also held during the 5th aTreatments That WorkAggressiveness in childrenConduct disorders in childrenAggressiveness in childrentherapyConduct disorders in childrenBehavioral SymptomsFamily RelationsAge GroupsBehaviorSocioenvironmental TherapySocial BehaviorPersonsPsychotherapyFamilyBehavior and Behavior MechanismsPsychology, SocialBehavioral Disciplines and ActivitiesPsychotherapy, GroupParent-Child RelationsAggressionChildBehavioral SymptomsMedicineHILCCSocial SciencesHILCCHealth & Biological SciencesHILCCPsychologyHILCCPediatricsHILCCAggressiveness in children.Conduct disorders in children.Aggressiveness in childrentherapyConduct disorders in childrenBehavioral SymptomsFamily RelationsAge GroupsBehaviorSocioenvironmental TherapySocial BehaviorPersonsPsychotherapyFamilyBehavior and Behavior MechanismsPsychology, SocialBehavioral Disciplines and ActivitiesPsychotherapy, GroupParent-Child RelationsAggressionChildBehavioral SymptomsMedicineSocial SciencesHealth & Biological SciencesPsychologyPediatrics618.9289Lenhart Lisa1480391Wells Karen C1136533Lochman John E762502AU-PeELAU-PeELAU-PeELBOOK9910782481103321Coping Power3697012UNINA