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Problems Associated with Creation of a Single Currency Zone in the CIS Countries

Sergey Drobyshevsky and Dmitry Polevoy

Research Paper Series, 2004, issue 80P, 110

Abstract: The paper presents an attempt to provide a theoretical justification of the problem of currency integration with respect to the CIS countries. The paper also provides a theoretical analysis of fundamental provisions of the theory applied to the problem of creation of a single currency zone within the CIS countries' territory. The authors identify theoretical criteria of OCA that determine the most significant costs and benefits from the currency integration within the noted territory. As well, the authors have analyzed macroeconomic data for a quantitative assessment of the selected criteria and computing indicators for the regression analysis. The authors conduct an analysis of whether single CIS countries match the existing criteria of an optimal currency zone with Russia's participation in it. The concluding section presents outcomes and recommendations regarding attractiveness of currency integration to Russia and single CIS countries.

Keywords: Single Currency Zone; CIS Countries (search for similar items in EconPapers)
JEL-codes: F31 F36 F42 (search for similar items in EconPapers)
Date: 2004
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