A whole range of economic solutions have been proposed in recent years in an endeavour to combat rising inflation. Of these, the discussion on a policy of gradualism vis-à-vis shock therapy has given rise to considerable controversy. In the light of this controversy the following article...

The measures taken so far to move towards currency convertibility and combat inflation in Russia and the other CIS countries are based largely on a three-stage programme formulated by the IMF. The following article presents alternatives and compares them with the IMF concept from the point of...

Based on theory and on evidence from the Southern Cone the following paper concludes for emerging market economies (1) that fiscal reform is of utmost importance for macroeconomic reforms, (2) that credibility cannot be imported via a fixed exchange rate but has to be established by internal...

The management of the exchange rate by the Russian authorities obviously lacks both effectiveness and efficiency. "Black Tuesday" has vividly shown how vulnerable the rouble is to speculative attacks. In this article, a "classical" proposal is evoked and is discussed as an alternative to the...