International Capital Markets and Exchange Rate Stabilization in the CIS

Gunther Schnabl

International Finance from University Library of Munich, Germany

Abstract: In this paper, we examine the rationale for dollar and euro pegging in Russia and the CIS. We consider macroeconomic stabilization and transaction costs for international trade as rationales for pegging to the euro. Dollarization of international assets and liabilities are examined as determinants of exchange rate stabilization against the dollar. The impact of network externalities from a common anchor for all CIS countries is explored. Tests on de facto exchange rate stabilization reveal that dollar pegging has been pervasive in the CIS.

Keywords: CIS; Exchange Rate Systems (search for similar items in EconPapers)
JEL-codes: F31 F32 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2005-05-24
New Economics Papers: this item is included in nep-cba, nep-cis, nep-ifn, nep-mon and nep-net
Note: Type of Document - pdf; pages: 27
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Journal Article: International capital markets and exchange rate stabilization in the CIS (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpif:0505015

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