By Guillermo E. Perry, Guillermo A. Calvo, W. Max Corden, Stanley Fischer, Alan Walters, John Williamson

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If credibility can be achieved, there will be fewer shocks that come from sudden capital outflows. That is easier said than done, but credibility is the second requirement, and I think that Argentina is trying on that front. Hong Kong maybe has achieved a high degree of credibility, but the thing has to be really credible. Third, some fiscal flexibility can be helpful. In the situation where there is, say an adverse-terms-of-trade shock or a capital-outflow problem, it helps to be able to engage in some temporary fiscal expansion, which could involve more foreign debt.

A. ].  cm. " Includes index. 4´6dc21 96-51060 CIP Page iii Contents Foreword v I. Introduction and Summary by Guillermo E. Perry 1 II. The Dilemmas of Currency Boards by W. Max Corden 3 III. Features and Implications of Currency Boards: Some Thoughts about the Argentine Situation by John Williamson 7 IV. The Experience of Hong Kong by Sir Alan Walters 11 V. Argentina's Experience after the Mexican Crisis by Guillermo Calvo 15 VI. Closing Remarks: What Have We Learned? by Stanley Fischer 19 Contributors 23 Notes 25 Page v Foreword These proceedings provide an account of a roundtable discussion on the subject of "External Shocks and Currency Boards: How Much Pain?

On the other hand, it seems to me that countries such as Mexico or Russia are not candidates for an optimum currency. Of course, that can be disputed. Again, the interesting issue is, where does one draw the line? I was involved in a World Bank-sponsored study comparing 18 developing countries' macroeconomic history, and we did include a number of small economies. 5 The small countries that come to mind are Côte d'Ivoire, Cameroon, Kenya, and Costa Rica. Those are the countries that one would think of as good candidates for currency boards.

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