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Monetary integration in the ex-Soviet Union: A 'union of four'?

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  • Vladimir Chaplygin
  • Andrew Hughes Hallett
  • Christian Richter

Abstract

The governments of four ex-Soviet countries recently discussed forming a currency union. To examine the economic feasibility of this proposition, we use conventional techniques and show that the arrangement is likely to find it difficult to handle the lack of structural symmetry, the asymmetric pattern of shocks, and the lack of market flexibility among the potential participants. Moreover, the union would be a unilateral one. It would require an unusual degree of political commitment to survive. Nonetheless, there are some subtleties in the timing and pattern of mutual dependence between Russia and Kazakhstan, and to a lesser extent in Belarus, which may reduce the strain from a currency union in those countries. Otherwise, the black market will have to provide the necessary market flexibility. Copyright (c) The European Bank for Reconstruction and Development, 2006.

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Bibliographic Info

Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 14 (2006)
Issue (Month): 1 (03)
Pages: 47-68

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Handle: RePEc:bla:etrans:v:14:y:2006:i:1:p:47-68

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Cited by:
  1. Andrew Hughes Hallett & Christian Richter, 2009. "Is the US no longer the economy of first resort? Changing economic relationships in the Asia-Pacific region," International Economics and Economic Policy, Springer, vol. 6(2), pages 207-234, July.
  2. Hallett, Andrew Hughes & Richter, Christian, 2011. "Trans-Pacific Economic Relations and US-China Business Cycles: Convergence within Asia versus US Economic Leadership," ADBI Working Papers 292, Asian Development Bank Institute.
  3. David G. Mayes & Vesa Korhonen, 2006. "The CIS: Does the Regional Hegemony Facilitate Monetary Integration?," Economie Internationale, CEPII research center, issue 107, pages 173-196.
  4. Hefeker, Carsten, 2008. "Taxation, Corruption and the Exchange Rate Regime," Proceedings of the German Development Economics Conference, Zurich 2008 17, Verein für Socialpolitik, Research Committee Development Economics.
  5. Christian Dreger & Jarko Fidrmuc, 2009. "Drivers of Exchange Rate Dynamics in Selected CIS Countries: Evidence from a FAVAR Analysis," Discussion Papers of DIW Berlin 867, DIW Berlin, German Institute for Economic Research.
  6. U. Bergman, 2008. "Finnish and Swedish business cycles in a global context," International Economics and Economic Policy, Springer, vol. 5(1), pages 49-69, July.

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