As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency.
Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.

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Information

Publisher

Routledge

Year

2005

ISBN

9781134863693

Edition

Topic

Business

Subtopic

Business General

Index

Business

Cover
Title
Copyright
CONTENTS
About the authors
List of figures
List of tables
Preface
1 THE CASE FOR A CURRENCY BOARD IN RUSSIA
2 THE CASE AGAINST THE CENTRAL BANK OF RUSSIA
3 CENTRAL BANKING AND THE RUSSIAN MONETARY SYSTEM
4 CURRENCY BOARDS, CENTRAL BANKS, AND THE MONEY SUPPLY PROCESS
5 HOW TO ESTABLISH A CURRENCY BOARD IN RUSSIA
6 HOW TO OPERATE AND PROTECT A CURRENCY BOARD IN RUSSIA
7 THE CURRENCY BOARD AND REFORM OF THE RUSSIAN MONETARY SYSTEM
8 OBJECTIONS TO A CURRENCY BOARD IN RUSSIA
9 TWO SUCCESSFUL RUSSIAN MONETARY REFORMS
10 CONCLUSION
APPENDIX A. A MODEL CONSTITUTION FOR A CURRENCY BOARD IN RUSSIA
APPENDIX B. MORE ABOUT THE MONEY SUPPLY PROCESS IN A CURRENCY BOARD SYSTEM
APPENDIX C. A LIST OF CURRENCY BOARD EPISODES
Notes
Bibliography
Index