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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||Handle Link:||https://hdl.handle.net/1959.11/288||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||Statistics to Oct 2018:||Visitors: 190
|Appears in Collections:||Journal Article|
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