Currency boards: traditional, modern and virtual

Research output: Contribution to conference (non-published works)Paper


Currency boards are a strong form of fixed exchange rate regime where all currency on issue is fully backed by assets denominated in the anchor currency. This paper distinguishes three kinds. The traditional form originated in the 19th century and were common in colonies. While generally successful, most were replaced by central banks. Modern currency boards, notably Hong Kong, are operated by institutions resembling central banks in sophisticated financial systems. Virtual currency boards, such as Libra, are private institutions issuing a type of cryptocurrency known as ‘asset backed stablecoins’. All face a challenge from extraordinarily low interest rates.
Original languageEnglish
Number of pages19
Publication statusAccepted/In press - 16 Jul 2019
EventAustralian Conference of Economists 2019 - Pullman Melbourne on the Park , Melbourne, Australia
Duration: 14 Jul 201916 Jul 2019


ConferenceAustralian Conference of Economists 2019
Internet address


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