Currency board Assignment Essay
| Order ID | 53563633773 |
| Type | Essay |
| Writer Level | Masters |
| Style | APA |
| Sources/References | 4 |
| Perfect Number of Pages to Order | 5-10 Pages |
Description/Paper Instructions
Currency board Assignment Essay
A currency board is a monetary authority that is committed to maintaining a fixed exchange rate between its domestic currency and a foreign currency. This is done by pegging the domestic currency to the foreign currency at a fixed rate, and by backing all units of domestic currency in circulation with foreign currency reserves.
Currency boards are often used in countries that have experienced high inflation or currency instability. They can help to stabilize the economy by providing a fixed exchange rate, which can make it easier for businesses to plan and invest. Currency boards can also help to reduce inflation by limiting the amount of money that can be printed.
There are two main types of currency boards: orthodox and heterodox. Orthodox currency boards have a 100% foreign currency backing requirement, which means that the central bank must hold enough foreign currency reserves to back every unit of domestic currency in circulation. Heterodox currency boards have a lower foreign currency backing requirement, typically between 20% and 80%.
Currency boards have a number of advantages, including:
Stability: Currency boards can help to stabilize the economy by providing a fixed exchange rate. This can make it easier for businesses to plan and invest, and can help to reduce inflation.
Transparency: Currency boards are very transparent, as the central bank is required to publish its foreign currency reserves and the amount of domestic currency in circulation. This transparency can help to build confidence in the currency and the economy.
Credibility: Currency boards are seen as credible, as they are committed to maintaining a fixed exchange rate. This can help to attract foreign investment and reduce the risk of a currency crisis.
However, currency boards also have some disadvantages, including:
Loss of monetary policy independence: Currency boards give up their ability to use monetary policy to manage the economy. This can be a problem if the economy is experiencing a recession or a financial crisis.
Vulnerability to shocks: Currency boards are vulnerable to shocks from the foreign currency markets. If the value of the anchor currency falls, the value of the domestic currency will also fall. This can lead to inflation and economic instability.
Political constraints: Currency boards can be difficult to implement and maintain, as they require a high degree of political commitment. If the government is not committed to the currency board, it may be tempted to abandon it during a crisis.
Overall, currency boards can be a useful tool for stabilizing the economy and reducing inflation. However, they also have some disadvantages, and they should not be seen as a cure-all for all economic problems.
Here are some examples of countries that have used currency boards:
Hong Kong: Hong Kong has had a currency board since 1983, and its currency, the Hong Kong dollar, is pegged to the US dollar at a rate of HK$7.80 to US$1.
Estonia: Estonia adopted a currency board in 1992, and its currency, the Estonian kroon, was pegged to the German mark (and later the euro).
Lithuania: Lithuania adopted a currency board in 1994, and its currency, the Lithuanian litas, was pegged to the German mark (and later the euro).
Bulgaria: Bulgaria adopted a currency board in 1997, and its currency, the Bulgarian lev, was pegged to the German mark (and later the euro).
These are just a few examples of countries that have used currency boards. Currency boards can be a useful tool for stabilizing the economy and reducing inflation, but they also have some disadvantages. It is important to weigh the pros and cons of a currency board before deciding whether or not to adopt one.
Currency board Assignment Essay
RUBRIC | QUALITY OF RESPONSE | NO RESPONSE | POOR / UNSATISFACTORY | SATISFACTORY | GOOD | EXCELLENT | | Content (worth a maximum of 50% of the total points) | Zero points: Student failed to submit the final paper. | 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. | 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. | 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. | 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. | | Use of Sources (worth a maximum of 20% of the total points). | Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. | 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. | 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. | 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. | 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. | | Grammar (worth maximum of 20% of total points) | Zero points: Student failed to submit the final paper. | 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors | 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors | 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. | 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. | | Structure of the Paper (worth 10% of total points) | Zero points: Student failed to submit the final paper. | 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. | 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper | 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. | 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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