Russian Currency and Finance : A Currency Board Approach to Reform

Online-Ressource (241 p)

Description based upon print version of record

Cover; Title; Copyright; CONTENTS; About the authors; List of figures; List of tables; Preface; 1 THE CASE FOR A CURRENCY BOARD IN RUSSIA; Extreme inflation and monetary reform; Currency board versus central bank; A currency board as the key to economic reform in Russia; Outline of the remainder of this book; 2 THE CASE AGAINST THE CENTRAL BANK OF RUSSIA; The functions of money, and how well the rouble performs them; Stability and credibility; Credibility and exchange rates; Convertibility and foreign-exchange controls; Central banking and deficit finance

Political independence: an unattainable goalInadequate staff; Flexibility: a problem even in theory; The experience of Yugoslavia; 3 CENTRAL BANKING AND THE RUSSIAN MONETARY SYSTEM; The history of central banking in Russia; The government budget and extreme inflation; Enterprise arrears; Commercial banking; The payments system; lnterrepublican exchange; Foreign exchange; foreign debt; Russia and the IMF; 4 CURRENCY BOARDS, CENTRAL BANKS, AND THE MONEY SUPPLY PROCESS; The money supply process in a currency board system; The money supply process in a central banking system

Central banks that mimic currency boardsA brief history and assessment of currency boards; 5 HOW TO ESTABLISH A CURRENCY BOARD IN RUSSIA; How to convert the Central Bank of Russia into a currency board; The alternative: a parallel currency approach; How to establish the currency board as the issuer of a parallel currency; How to calculate the initial foreign reserves for the currency board; How to obtain the initial foreign reserves for the currency board; How to choose a reserve currency for the currency board; 6 HOW TO OPERATE AND PROTECT A CURRENCY BOARD IN RUSSIA

How to operate the currency boardHow to protect the currency board; How to change the reserve currency, if necessary; 7 THE CURRENCY BOARD AND REFORM OF THE RUSSIAN MONETARY SYSTEM; The government budget; Enterprise arrears and enterprise restructuring; Competition and regulation in commercial banking; Restructuring of bankrupt commercial banks; Interest rates; The payments system; Interrepublican exchange; foreign exchange; Foreign debt; Wages and prices; A stabilization crisis?; Indexation; 8 OBJECTIONS TO A CURRENCY BOARD IN RUSSIA; No lender of last resort

Is Russia too large for a currency board?Fixed versus floating exchange rates; Deflation; The inflation tax; The cost of reserves; Colonialism; Is Russia a quagmire?; Miscellaneous questions; Other alternatives to central banking; 9 TWO SUCCESSFUL RUSSIAN MONETARY REFORMS; The North Russian currency board, 1918-20; The chervonets, 1922-6; A comparison of the reforms; 10 CONCLUSION; Summary of proposals; 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

1. The case for a currency board in Russia2. 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.

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