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Searching for credible exchange rate regimes in the former Soviet Union

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  • Schweickert, Rainer

Abstract

Two macroeconomic constraints determine the credibility of an exchange rate system: the availability of foreign exchange and the sustainability of fiscal balance. The following paper analyses the relative importance of these constraints for fixed and flexible exchange rate systems, examines the progress of reforms to relax these constraints in Estonia and Russia and draws conclusions for the choice of an exchange rate system for other countries of the former Soviet Union.

Suggested Citation

  • Schweickert, Rainer, 1995. "Searching for credible exchange rate regimes in the former Soviet Union," Open Access Publications from Kiel Institute for the World Economy 1651, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkie:1651
    DOI: 10.1007/BF02927267
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    1. Vittorio Corbo & Jaime de Melo & James Tybout, 2015. "What Went Wrong with the Recent Reforms in the Southern Cone," World Scientific Book Chapters, in: Developing Countries in the World Economy, chapter 2, pages 21-54, World Scientific Publishing Co. Pte. Ltd..
    2. Langhammer, Rolf J., 1994. "Designing new trade policies for the CIS states: legacies, barriers and prerequisites," Kiel Working Papers 625, Kiel Institute for the World Economy (IfW Kiel).
    3. Athar Hussain & Nicholas Stern, 1993. "The Role of the State, Ownership and Taxation in Transitional Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 61-87, January.
    4. McKinnon, R.I., 1991. "Stabilizing the Ruble: The Problem of Internal Currency Convertibility," Papers 2b, United Nations World Employment Programme-.
    5. Adam G. G. Bennett, 1993. "The Operation of the Estonian Currency Board," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 451-470, June.
    6. Bernhard Fischer & Helmut Reisen, 1992. "Full currency convertibility in Eastern Europe?," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 27(5), pages 203-209, September.
    7. Schrader, Klaus, 1994. "Estland auf dem Weg zur Marktwirtschaft: eine Zwischenbilanz," Kiel Discussion Papers 226, Kiel Institute for the World Economy (IfW Kiel).
    8. Mr. Adam Bennett, 1993. "The Operation of the Estonian Currency Board," IMF Policy Discussion Papers 1992/003, International Monetary Fund.
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    Cited by:

    1. Langhammer, Rolf J. & Schweickert, Rainer, 1995. "The Mexican reform process: improving long-run perspectives and mastering short-run turbulences," Kiel Discussion Papers 255, Kiel Institute for the World Economy (IfW Kiel).

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