Russian Currency and Finance: A Currency Board Approach to Reform

by Hanke; Steve

• ISBN13: 9780415096515
• ISBN10: 0415096510
• Edition: 1st
• Format: Hardcover
• Copyright: 1994-02-07
• Publisher: Routledge

Summary

Russian Currency and Financepresents a radical alternative for curing Russia's soaring inflation and unstable currency. The authors argue that stabilization in Russia is unlikely to occur as long as its currency remains under the control of the Central Bank of Russia. This means that conventional approaches to reform have very little chance of success. The authors propose that Russia adopt a currency board system such as exists in Hong Kong today. Under this system, the ruble would be linked to a stable foreign currency at a fixed exchange rate, providing a stable, fully convertible domestic currency for Russia. The currency board system has been well-tested and has been used successfully before in Russia. The book explains in detail how the Russian government could establish and operate a currency board.

Table of Contents

About the Authors	p. ix
Preface	p. xv
The Case for a Currency Board in Russia	p. 1
The Case Against the Central Bank of Russia	p. 21
Central Banking and the Russian Monetary System	p. 42
Currency Boards, Central Banks, and the Money Supply Process	p. 63
How to Establish a Currency Board in Russia	p. 84
How to Operate and Protect a Currency Board in Russia	p. 103
The Currency Board and Reform of the Russian Monetary System	p. 115
Objections to a Currency Board in Russia	p. 132
Two Successful Russian Monetary Reforms	p. 146
Conclusion	p. 156
	p. 160
	p. 163
	p. 172
Notes	p. 181
Bibliography	p. 192
Index	p. 210
Table of Contents provided by Publisher. All Rights Reserved.