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Foreign Exchange Markets in Russia: Understanding the Reforms

Author

Listed:
  • Linda S. Goldberg

    (International Monetary Fund)

Abstract

This paper analyzes and interprets the changes that took place in Russia's exchange rate system during 1992. The multiple exchange rate regime that existed in Russia prior to July 3, 1992, created strong incentives for exporters to refrain from repatriating foreign exchange earnings, induced both importers and exporters to participate in unofficial markets for foreign exchange, and encouraged international barter transactions. Efforts to manage the exchange rate through heavy foreign exchange intervention were unsuccessful. The July 3, 1992, unification of the multiple exchange rate system provides important and general lessons for rectifying undesirable conditions caused by poorly implemented exchange rate policy.

Suggested Citation

  • Linda S. Goldberg, 1993. "Foreign Exchange Markets in Russia: Understanding the Reforms," IMF Staff Papers, Palgrave Macmillan, vol. 40(4), pages 852-864, December.
    • Handle: RePEc:pal:imfstp:v:40:y:1993:i:4:p:852-864
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    Cited by:

    1. Goldberg, Linda S. & Karimov, Il'dar, 1997. "Black markets for currency, hoarding activity and policy reforms," Journal of International Economics, Elsevier, vol. 42(3-4), pages 349-369, May.
    2. Goldberg, Linda & Tenorio, Rafael, 1997. "Strategic trading in a two-sided foreign exchange auction1," Journal of International Economics, Elsevier, vol. 42(3-4), pages 299-326, May.
    3. Buch, Claudia M. & Koop, Michael J. & Schweickert, Rainer & Wolf, Hartmut, 1995. "Währungsreformen im Vergleich: monetäre Strategien in Rußland, Weißrußland, Estland und der Ukraine," Open Access Publications from Kiel Institute for the World Economy 831, Kiel Institute for the World Economy (IfW Kiel).
    4. Linda Goldberg & Rafael Tenorio, 1995. "Strategic Trading in a Two-Sided Foreign Exchange Auction," NBER Working Papers 5187, National Bureau of Economic Research, Inc.
    5. Goldberg, Linda S., 1995. "Exchange rate regime reforms with black market leakages," Journal of Development Economics, Elsevier, vol. 48(1), pages 167-187, October.

    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N2 - Economic History - - Financial Markets and Institutions
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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