that affect the equilibrium exchange rate. The dynamic behavior of the ruble exchange rate following Russia's military …

differs from the prevailing wisdom in its stress on the key roles played by convertibility and an independent Central Bank …

that built up in the 1920's. Gold convertibility was suspended in December 1929, even before the crisis seriously damaged … internal explanation for the crisis involves no timing puzzle. The tension between internal and external convertibility can be …

convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of … revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must … drop at the point of suspension of convertibility, so that there is no discontinuity at the date of resumption. We then …

the past centuries from the traditional interventions of a lender-of-last-resort, suspensions of convertibility, and bank …

interacts with a convertibility plan? We compare the 1929 and 2001 crises the two instances where rigid convertibility plans …-conceived approach to the problems of internal and external convertibility (or, to rephrase Gresham, bad inside money drives out good …