<section name="raw">
    <SEQUENTIAL>
      <record key="001" att1="001" value="LIB909668905" att2="LIB909668905">001   LIB909668905</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/east/ro-31.pdf</field>
      <field key="079" subkey="z">Dubauskas, Gediminas, Monetary and Exchange Rate Policy in Lithuania (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsrop/31.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. East European Series; 31 (RePEc)</field>
      <field key="100" subkey="">Dubauskas, Gediminas</field>
      <field key="331" subkey="">Monetary and Exchange Rate Policy in Lithuania</field>
      <field key="335" subkey="">Comparative Analysis</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">1996, April</field>
      <field key="433" subkey="">84 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Osteuropa; 31</field>
      <field key="461" subkey="">East European Series</field>
      <field key="517" subkey="c">from the Table of Contents: Evidence on Credibility and Exchange Rate and Monetary Policy in the Baltic State; The Lithuanian</field>
      <field key="Cur" subkey="r">ency Board; Commercial Bank; Conclusion;</field>
      <field key="544" subkey="">IHSRO 31</field>
      <field key="700" subkey="">F31</field>
      <field key="720" subkey="">Currency Board</field>
      <field key="720" subkey="">Lithuania</field>
      <field key="720" subkey="">Transition</field>
      <field key="753" subkey="">Abstract: The paper describes Lithuanian monetary and exchange rate developments. Experiences of the other two Baltic states</field>
      <field key="Est" subkey="o">nia and Latvia have been analysed as well. New monetary and financial institutions introduced in all Baltic states</field>
      <field key="fac" subkey="e">dseveral problems. One was how to maintain the credibility for new fixed exchange rates in order to preserve positive effect</field>
      <field key="on" subkey="t">he economy due to the sharp fall of the inflation. The currency board system has been proposed as a reasonable solution.</field>
      <field key="Cen" subkey="t">ral Banks of Estonia and Lithuania are operating under the currency board arrangement. The main objective was to keep</field>
      <field key="mon" subkey="e">tary expansion and inflation under control. Lithuania undertook several currency reforms. After two year experience of the</field>
      <field key="flo" subkey="a">ting exchange rate, the Lithuanian Government pegged Lithuanian currency to the US dollar in April 1994. From that moment the</field>
      <field key="Lit" subkey="h">uanian Central bank has been operating like strict currency board. As an outcome, inflation rates slightly went down and</field>
      <field key="cre" subkey="d">ibility of the Lithuanian currency, the litas, increased. The paper concludes that under an instability in the transitional</field>
      <field key="eco" subkey="n">omies the Currency Board can serve as an anti-inflationary tool creating convertibility and credibility effects. Moreover,</field>
      <field key="the" subkey="">exchange rate pegging might prevent the government's inflationary policy. The period after the reforms in Lithuania and also</field>
      <field key="in" subkey="E">stonia is too short for definitive conclusions. But, from historical point of view the currency board's arrangements in those</field>
      <field key="cou" subkey="n">tries helped to reach the currency credibility and economic stability to a certain extent.;</field>
    </SEQUENTIAL>
  </section>