The Wild Ride of the Ruble

William Easterly and C.H. Wolf

Working Papers from New York University, Leonard N. Stern School of Business, Department of Economics

Abstract: The ride of the ruble has been nothing if not exciting. After a near meltdown of the ruble on Black Tuesday (Octorber 11, 1994) and further tremors in early 1995, the ruble has staged a remarkable comeback. It appreciated by some 7 percent in nominal terms and by more than 25 percent in real terms from April through June 1995 despite substantial central bank dollar purchases. Partly as response to the ruble recovery, a exchange rate band spanning teh range from 4300 to 4900 rubles per dollar was introduced on July 5th, with the spot rate at 4565.

Keywords: FINANCIAL MARKET; EXCHANGE RATE (search for similar items in EconPapers)
JEL-codes: G20 G21 (search for similar items in EconPapers)
Pages: 20 pages
Date: 1996
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