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A Multilateral Payments Union for Eastern Europe?

Author

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  • Bofinger, Peter

Abstract

The paper analyzes the role of a multilateral payments union (PU) between East European countries (EEPU) as an intermediate solution in the process to full convertibility. After a description of the main functions of a PU, which is based on the historical model of the European Payments Union, it identifies the conditions that justify a PU with trade restrictions vis-a-vis outside countries: above all the existence of unsustainable trade deficits under full convertibility. The paper compares the underlying conditions in East European countries with the situation of the EPU member countries and concludes that an EEPU does not have the potential to repeat the successful performance of the EPU. In addition, it shows that prospective fundamental current account deficits of East European countries can only be estimated after a comprehensive concept of the international monetary integration of East European countries has been developed.

Suggested Citation

  • Bofinger, Peter, 1990. "A Multilateral Payments Union for Eastern Europe?," CEPR Discussion Papers 458, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:458
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    Citations

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    Cited by:

    1. Schmieding, Holger, 1992. "No need for a monetary halfway house: Lessons from the European Payments Union for post-Soviet currency arrangements," Kiel Discussion Papers 189, Kiel Institute for the World Economy (IfW Kiel).
    2. Schmieding, Holger, 1991. "External protection for the emerging market economies? The case for financial liberalisation instead of import barriers in Eastern Europe," Kiel Working Papers 498, Kiel Institute for the World Economy (IfW Kiel).
    3. Schoors, Koen, 2003. "The effect of Soviet monetary disintegration on the collapse of trade between members of the Commonwealth of Independent States," Economic Systems, Elsevier, vol. 27(1), pages 1-26, March.
    4. Katerina Smidkova, 2003. "Exchange-rate System between the Czech and Slovak Republics," Macroeconomics 0304004, University Library of Munich, Germany.

    More about this item

    Keywords

    Current Account; Economic Integration; Europe;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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