Russian currency and finance: a currency board approach to reform
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Routledge
1993
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVI, 222 S. |
| ISBN: | 0415096510 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
About the authors ix
List of figures xi
List of tables xiii
Preface xv
1 THE CASE FOR A CURRENCY BOARD IN RUSSIA 1
Extreme inflation and monetary reform 1
Currency board versus central bank 4
A currency board as the key to economic reform in Russia 11
Outline of the remainder of this book 19
2 THE CASE AGAINST THE CENTRAL BANK OF RUSSIA 21
The functions of money, and how well the rouble performs them 21
Stability and credibility 23
Credibility and exchange rates 25
Convertibility and foreign exchange controls 30
Central banking and deficit finance 35
Political independence: an unattainable goal 36
Inadequate staff 37
Flexibility: a problem even in theory 37
The experience of Yugoslavia 40
3 CENTRAL BANKING AND THE RUSSIAN MONETARY
SYSTEM 42
The history of central banking in Russia 42
The government budget and extreme inflation 46
Enterprise arrears 50
Commercial banking 52
The payments system 55
Interrepublican exchange 56
Foreign exchange; foreign debt 59
Russia and the IMF 60
v
CONTENTS
4 CURRENCY BOARDS, CENTRAL BANKS, AND THE
MONEY SUPPLY PROCESS 63
The money supply process in a currency board system 63
The money supply process in a central banking system 69
Central banks that mimic currency boards 72
A brief history and assessment of currency boards 80
5 HOW TO ESTABLISH A CURRENCY BOARD IN RUSSIA 84
How to convert the Central Bank of Russia into a currency board 84
The alternative: a parallel currency approach 87
How to establish the currency board as the issuer of a parallel
currency 91
How to calculate the initial foreign reserves for the currency board 94
How to obtain the initial foreign reserves for the currency board 97
How to choose a reserve currency for the currency board 100
6 HOW TO OPERATE AND PROTECT A CURRENCY
BOARD IN RUSSIA 103
How to operate the currency board 103
How to protect the currency board 109
How to change the reserve currency, if necessary 113
7 THE CURRENCY BOARD AND REFORM OF
THE RUSSIAN MONETARY SYSTEM 115
The government budget 116
Enterprise arrears and enterprise restructuring 118
Competition and regulation in commercial banking 120
Restructuring of bankrupt commercial banks 123
Interest rates 124
The payments system 125
Interrepublican exchange; foreign exchange 127
Foreign debt 128
Wages and prices 128
A stabilization crisis? 130
Indexation 131
8 OBJECTIONS TO A CURRENCY BOARD IN RUSSIA 132
No lender of last resort 133
Is Russia too large for a currency board? 135
Fixed versus floating exchange rates 136
Deflation 138
The inflation tax 139
The cost of reserves 139
Colonialism 141
Is Russia a quagmire? 142
vi
CONTENTS
Miscellaneous questions 142
Other alternatives to central banking 143
9 TWO SUCCESSFUL RUSSIAN MONETARY REFORMS 146
The North Russian currency board, 1918 20 146
The chervonets, 1922 6 150
A comparison of the reforms 154
10 CONCLUSION 156
Summary of proposals 158
APPENDIX A. A MODEL CONSTITUTION FOR A
CURRENCY BOARD IN RUSSIA 160
APPENDIX B. MORE ABOUT THE MONEY SUPPLY
PROCESS IN A CURRENCY BOARD SYSTEM 163
APPENDIX C. A LIST OF CURRENCY BOARD EPISODES 172
Notes 181
Bibliography 192
Index 210
vii
|
| any_adam_object | 1 |
| author | Hanke, Steve H. Jonung, Lars 1944- Schuler, Kurt |
| author_GND | (DE-588)128921048 |
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| author_role | aut aut aut |
| author_sort | Hanke, Steve H. |
| author_variant | s h h sh shh l j lj k s ks |
| building | Verbundindex |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.4/947 |
| dewey-sort | 3332.4 3947 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
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| spelling | Hanke, Steve H. Verfasser aut Russian currency and finance a currency board approach to reform Steve H. Hanke, Lars Jonung and Kurt Schuler 1. publ. London [u.a.] Routledge 1993 XVI, 222 S. txt rdacontent n rdamedia nc rdacarrier Gemeinschaft Unabhängiger Staaten (DE-588)2128486-6 gnd rswk-swf CURRENCY unbist ECONOMIC STABILIZATION unbist MONETARY POLICY unbist MONETARY SYSTEMS unbist RUSSIAN FEDERATION unbist Valutabeleid gtt Currency question Russia (Federation) Economic stabilization Russia (Federation) Money Russia (Federation) Währungsreform (DE-588)4188826-1 gnd rswk-swf Währungspolitik (DE-588)4064152-1 gnd rswk-swf Notenbankpolitik (DE-588)4130528-0 gnd rswk-swf Russland (DE-588)4076899-5 gnd rswk-swf Gemeinschaft Unabhängiger Staaten (DE-588)2128486-6 b Währungspolitik (DE-588)4064152-1 s DE-604 Notenbankpolitik (DE-588)4130528-0 s Russland (DE-588)4076899-5 g Währungsreform (DE-588)4188826-1 s Jonung, Lars 1944- Verfasser (DE-588)128921048 aut Schuler, Kurt Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006139895&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hanke, Steve H. Jonung, Lars 1944- Schuler, Kurt Russian currency and finance a currency board approach to reform Gemeinschaft Unabhängiger Staaten (DE-588)2128486-6 gnd CURRENCY unbist ECONOMIC STABILIZATION unbist MONETARY POLICY unbist MONETARY SYSTEMS unbist RUSSIAN FEDERATION unbist Valutabeleid gtt Currency question Russia (Federation) Economic stabilization Russia (Federation) Money Russia (Federation) Währungsreform (DE-588)4188826-1 gnd Währungspolitik (DE-588)4064152-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd |
| subject_GND | (DE-588)2128486-6 (DE-588)4188826-1 (DE-588)4064152-1 (DE-588)4130528-0 (DE-588)4076899-5 |
| title | Russian currency and finance a currency board approach to reform |
| title_auth | Russian currency and finance a currency board approach to reform |
| title_exact_search | Russian currency and finance a currency board approach to reform |
| title_full | Russian currency and finance a currency board approach to reform Steve H. Hanke, Lars Jonung and Kurt Schuler |
| title_fullStr | Russian currency and finance a currency board approach to reform Steve H. Hanke, Lars Jonung and Kurt Schuler |
| title_full_unstemmed | Russian currency and finance a currency board approach to reform Steve H. Hanke, Lars Jonung and Kurt Schuler |
| title_short | Russian currency and finance |
| title_sort | russian currency and finance a currency board approach to reform |
| title_sub | a currency board approach to reform |
| topic | Gemeinschaft Unabhängiger Staaten (DE-588)2128486-6 gnd CURRENCY unbist ECONOMIC STABILIZATION unbist MONETARY POLICY unbist MONETARY SYSTEMS unbist RUSSIAN FEDERATION unbist Valutabeleid gtt Currency question Russia (Federation) Economic stabilization Russia (Federation) Money Russia (Federation) Währungsreform (DE-588)4188826-1 gnd Währungspolitik (DE-588)4064152-1 gnd Notenbankpolitik (DE-588)4130528-0 gnd |
| topic_facet | Gemeinschaft Unabhängiger Staaten CURRENCY ECONOMIC STABILIZATION MONETARY POLICY MONETARY SYSTEMS RUSSIAN FEDERATION Valutabeleid Currency question Russia (Federation) Economic stabilization Russia (Federation) Money Russia (Federation) Währungsreform Währungspolitik Notenbankpolitik Russland |
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