LEADER 05537oam 2200721I 450 001 9910782930303321 005 20230421041958.0 010 $a1-134-86369-1 010 $a1-134-86370-5 010 $a1-280-11580-7 010 $a9786610115808 010 $a0-203-98030-1 024 7 $a10.4324/9780203980309 035 $a(CKB)1000000000007017 035 $a(EBL)240325 035 $a(OCoLC)475953131 035 $a(SSID)ssj0000240224 035 $a(PQKBManifestationID)11220917 035 $a(PQKBTitleCode)TC0000240224 035 $a(PQKBWorkID)10252193 035 $a(PQKB)11763462 035 $a(MiAaPQ)EBC240325 035 $a(Au-PeEL)EBL240325 035 $a(CaPaEBR)ebr2003520 035 $a(CaONFJC)MIL11580 035 $a(OCoLC)50170291 035 $a(EXLCZ)991000000000007017 100 $a20180331d1993 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRussian currency and finance $ea currency board approach to reform /$fSteve H. Hanke, Lars Jonung, and Kurt Schuler 210 1$aLondon ;$aNew York :$cRoutledge,$d1993. 215 $a1 online resource (241 p.) 300 $aDescription based upon print version of record. 311 $a0-415-09651-0 320 $aIncludes bibliographical references (p. 192-209) and index. 327 $aCover; Title; Copyright; CONTENTS; About the authors; List of figures; List of tables; Preface; 1 THE CASE FOR A CURRENCY BOARD IN RUSSIA; Extreme inflation and monetary reform; Currency board versus central bank; A currency board as the key to economic reform in Russia; Outline of the remainder of this book; 2 THE CASE AGAINST THE CENTRAL BANK OF RUSSIA; The functions of money, and how well the rouble performs them; Stability and credibility; Credibility and exchange rates; Convertibility and foreign-exchange controls; Central banking and deficit finance 327 $aPolitical independence: an unattainable goalInadequate staff; Flexibility: a problem even in theory; The experience of Yugoslavia; 3 CENTRAL BANKING AND THE RUSSIAN MONETARY SYSTEM; The history of central banking in Russia; The government budget and extreme inflation; Enterprise arrears; Commercial banking; The payments system; lnterrepublican exchange; Foreign exchange; foreign debt; Russia and the IMF; 4 CURRENCY BOARDS, CENTRAL BANKS, AND THE MONEY SUPPLY PROCESS; The money supply process in a currency board system; The money supply process in a central banking system 327 $aCentral banks that mimic currency boardsA brief history and assessment of currency boards; 5 HOW TO ESTABLISH A CURRENCY BOARD IN RUSSIA; How to convert the Central Bank of Russia into a currency board; The alternative: a parallel currency approach; How to establish the currency board as the issuer of a parallel currency; How to calculate the initial foreign reserves for the currency board; How to obtain the initial foreign reserves for the currency board; How to choose a reserve currency for the currency board; 6 HOW TO OPERATE AND PROTECT A CURRENCY BOARD IN RUSSIA 327 $aHow to operate the currency boardHow to protect the currency board; How to change the reserve currency, if necessary; 7 THE CURRENCY BOARD AND REFORM OF THE RUSSIAN MONETARY SYSTEM; The government budget; Enterprise arrears and enterprise restructuring; Competition and regulation in commercial banking; Restructuring of bankrupt commercial banks; Interest rates; The payments system; Interrepublican exchange; foreign exchange; Foreign debt; Wages and prices; A stabilization crisis?; Indexation; 8 OBJECTIONS TO A CURRENCY BOARD IN RUSSIA; No lender of last resort 327 $aIs Russia too large for a currency board?Fixed versus floating exchange rates; Deflation; The inflation tax; The cost of reserves; Colonialism; Is Russia a quagmire?; Miscellaneous questions; Other alternatives to central banking; 9 TWO SUCCESSFUL RUSSIAN MONETARY REFORMS; The North Russian currency board, 1918-20; The chervonets, 1922-6; A comparison of the reforms; 10 CONCLUSION; Summary of proposals; APPENDIX A. A MODEL CONSTITUTION FOR A CURRENCY BOARD IN RUSSIA; APPENDIX B. MORE ABOUT THE MONEY SUPPLY PROCESS IN A CURRENCY BOARD SYSTEM; APPENDIX C. A LIST OF CURRENCY BOARD EPISODES 327 $aNotes 330 $aAs the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency. Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bo 606 $aMoney$zRussia (Federation) 606 $aCurrency question$zRussia (Federation) 606 $aEconomic stabilization$zRussia (Federation) 615 0$aMoney 615 0$aCurrency question 615 0$aEconomic stabilization 676 $a332.4/947 700 $aHanke$b Steve H.$01098181 701 $aJonung$b Lars$0124808 701 $aSchuler$b Kurt$f1960-$01443308 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910782930303321 996 $aRussian Currency and Finance$93620003 997 $aUNINA