 Currency Convertibility and Transition Towards Market Economy: The Rouble CaseDanielle Meuwly ()
Economia Internazionale / International Economics, 1996, vol. 49, issue 4, 611-636 Abstract: Currency inconvertibility has been a systemic feature of the former Centrally Planned Economies (CPEs). The purpose of the paper is to show how major theoretical proposals have dealt with rouble convertibility and, accordingly, to specify the role of convertibility in the transition towards market economy. Considered at first as consistent with the CPE, convertibility was then seen as a target and finally as a powerful means of the transition. As such it has been integrated in a set of reform measures whose enforcement strategy-sequencing or shock therapy- turned, owing to the political and economic turmoil, in favor of the latter. Nonetheless, the lack of restrictive budgetary and monetary policies have impeded convertibility to secure the restructuration process. There is no substitute, not even a nominal anchor, to macroeconomic stability for sustaining the rouble convertibility to enhance the transition. Date: 1996 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0355 Access Statistics for this article Economia Internazionale / International Economics is currently edited by Giovanni Battista Pittaluga More articles in Economia Internazionale / International Economics from Camera di Commercio Industria Artigianato Agricoltura di Genova Via Garibaldi 4, 16124 Genova, Italy. Contact information at EDIRC. |
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