An Introduction to Currency Boards
介绍货币局制度，分析其作为发展中国家建立货币可信度、约束通胀的机构性安排，并讨论其利弊。
The usefulness of money lies in its ability to reduce transaction costs, but this in turn depends on the public's confidence in the stability of money's purchasing power. Governments that lack an established reputation for price stability must adopt strong institutional constraints on their ability to inflate if they hope to achieve monetary credibility. Recent events in Mexico, and the movement toward market-based development strategies in Eastern Europe, Latin America, and Asia, have kindled an interest in the pros and cons of currency boards as an institution for providing monetary credibility in developing countries -the subject of this article.