Bilateral Clearing and the Separation of Czechoslovakia: An Obviously Hopeless Proceeding&quest

Gerald Groshek

Comparative Economic Studies, 1999, vol. 41, issue 2-3, 45-60

Abstract: This paper examines the effectiveness of the bilateral clearing agreement following the separation of Czechoslovakia. The value of the Czech and Slovak Clearing Agreement (CSCA) depended on its ability to relieve pressure on convertible currency reserves and preserve inter-republic trade. The assessment is made by measuring the trend in the Czech and Slovak cases and comparing these results to instances without a bilateral arrangement. The CSCA experience reveals that a more widespread use of bilateral clearing arrangements by other transition economies might have provided little in terms of stability to convertible currency reserves. However, the evidence indicates a more positive effect on inter-republic trade than that attained under a number of non-bilateral scenarios.

Date: 1999
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