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Title: Factors inhibiting deflationary bias in currency board economies: Evidence from the colonial era
Contributor(s): Treadgold, M (author)
Publication Date: 2006
DOI: 10.1111/j.1467-8446.2006.00167.x
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Abstract: A traditional criticism of currency boards is that they impart a deflationary bias to growing economies. Three factors, however, may inhibit the bias: increases in the velocity of money; increases in the monetary base, which under a currency board occur only through balance-of-payments surpluses; and increases in the money multiplier. This article investigates each of the factors in Fiji, Ghana, Jamaica and Malaya over various periods near the end of the colonial era. Except in Malaya, where the money multiplier declined, all helped prevent deflationary outcomes. In broad terms, growth in the monetary base was the most important.
Publication Type: Journal Article
Source of Publication: Australian Economic History Review, 46(2), p. 130-154
Publisher: Wiley-Blackwell Publishing Asia
Place of Publication: Australia
ISSN: 0004-8992
Field of Research (FOR): 140203 Economic History
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
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