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Conducting Monetary and Credit Policy in Countries of the Former Soviet Union: Some Issues and Options

Author

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  • Mr. Hugh Bredenkamp

Abstract

This paper surveys some of the principal monetary policy issues facing countries of the former U.S.S.R. The emphasis is on the immediate problem of imposing financial discipline in these economies, to bring down inflation quickly and decisively. Possible options for the essential nominal anchor are considered, together with the problems of selecting appropriate targets and instruments for monetary policy needed to make that anchor effective. It is argued that, if the stabilization effort is to be sustained, discipline must be imposed at the micro- as well as the macro-level, and the paper suggests a second-best approach to the allocation of credit in the absence of well-functioning credit markets.

Suggested Citation

  • Mr. Hugh Bredenkamp, 1993. "Conducting Monetary and Credit Policy in Countries of the Former Soviet Union: Some Issues and Options," IMF Working Papers 1993/023, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/023
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    Citations

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    Cited by:

    1. Chris Melliss & Mark Cornelius, 1994. "New currencies in the Former Soviet Union: a recipe for hyperinflation or the path to price stability," Bank of England working papers 26, Bank of England.
    2. 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).
    3. De Melo, Martha & Denizer, Cevdet, 1997. "Monetary policy during transition : an overview," Policy Research Working Paper Series 1706, The World Bank.
    4. Mr. Vassili Prokopenko & Mr. Paul Holden, 2001. "Financial Development and Poverty Alleviation: Issues and Policy Implications for Developing and Transition Countries," IMF Working Papers 2001/160, International Monetary Fund.
    5. Denizer, Cevdet, 1997. "Stabilization, adjustment, and growth prospects in transition economies," Policy Research Working Paper Series 1855, The World Bank.
    6. Laurence Scialom, 1994. "Quelques réflexions théoriques sur la crise des paiements en Russie," Revue Économique, Programme National Persée, vol. 45(3), pages 601-612.

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