We consider the likely economic impact and prospects for monetary integration among Belarus, Kazakhstan, the Russian Federation and Ukraine as part of the Single Economic Space they have agreed to set up. A monetary union among these countries poses three interesting issues for the structure and...

From the inception of International Monetary System (I.M.S.) the system has been facing liquidity problem. Starting with the gold standard, the limited stock of gold could not cope with the increasing world trade. The introduction of the gold-exchange standard which included some key currencies...