International Capital Markets and Exchange Rate Stabilization in the CIS

Gunther Schnabl ()

International Finance from EconWPA

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)
New Economics Papers: this item is included in nep-cba, nep-cis, nep-ifn, nep-mon and nep-net
Date: 2005-05-24
Note: Type of Document - pdf; pages: 27
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http://129.3.20.41/eps/if/papers/0505/0505015.pdf (application/pdf)

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

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