How Quickly Should Convertibility Be Introduced? Comment

Domenico Mario Nuti ()
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Domenico Mario Nuti: University of Rome

Chapter 15 in Collected Works of Domenico Mario Nuti, Volume I, 2023, pp 359-369 from Palgrave Macmillan

Abstract: Abstract The usual role of a discussant is to stir up controversy, but the two papers in this chapter appear to take positions that are so far apart that instead I shall try to be conciliatory. When and how fast should currency convertibility be introduced in the Eastern European economies? Friedrich Levcik’s answer is that it should be introduced fairly late in the process of transition to a market economy, which process should take place gradually over a period of three to five years; another five years will be needed before these countries become eligible for EC membership. According to Jacques Polak, convertibility should come early and fast, almost as fast as advocated by Czechoslovak Finance Minister Vaclav Klaus, who said in his oral presentation at the conference, “There is no convertibility problem—all there is to do is declare it.”

Date: 2023
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DOI: 10.1007/978-3-031-12334-4_15

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