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The CIS: Does the Regional Hegemony Facilitate Monetary Integration?

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  • David G. Mayes
  • Vesa Korhonen

Abstract

We consider the likely economic impact and prospects for monetary integration among Belarus, Kazakhstan, the Russian Federation and Ukraine as part of the Single Economic Space they have agreed to set up. A monetary union among these countries poses three interesting issues for the structure and process of integration: they have already been members of a wider currency union that collapsed, so it is necessary to handle the problems of history; secondly the union would be of very unequal size with the Russian Federation outweighing the others taken together, so we must consider how the national interests would be balanced; lastly natural resources, particularly oil and gas pose problems for dependence and for the determination of the external exchange rate.

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Bibliographic Info

Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2006)
Issue (Month): 107 ()
Pages: 173-196

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Handle: RePEc:cii:cepiei:2006-3th

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Keywords: Monetary union; CIS; economic integration; monetary block; monetary policy; exchange rate; regional integration;

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  1. Paul de Grauwe & Francesco Paolo Mongelli, 2005. "Endogeneities of Optimum Currency Areas: What brings Countries Sharing a Single Currency Closer together?," Working Papers de Economia (Economics Working Papers) 29, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
  2. Kristina Kittelmann & Marcel Tirpak & Rainer Schweickert & L�cio Vinhas De Souza, 2006. "From Transition Crises to Macroeconomic Stability? Lessons from a Crises Early Warning System for Eastern European and CIS Countries," Comparative Economic Studies, Palgrave Macmillan, vol. 48(3), pages 410-434, September.
  3. Sebastian Edwards, 2006. "Monetary Unions, External Shocks and Economic Performance: A Latin American Perspective," NBER Working Papers 12229, National Bureau of Economic Research, Inc.
  4. Vladimir Chaplygin & Andrew Hughes Hallett & Christian Richter, 2006. "Monetary integration in the ex-Soviet Union: A 'union of four'? ," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(1), pages 47-68, 03.
  5. Crowley , Patrick & Maraun , Douglas & Mayes , David, 2006. "How hard is the euro are core? An evaluation of growth cycles using wavelet analysis," Research Discussion Papers 18/2006, Bank of Finland.
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Cited by:
  1. Libman, Alexander, 2009. "Russian federalism and post-Soviet integration: Divergence of development paths," MPRA Paper 12944, University Library of Munich, Germany.
  2. Christian Dreger & Jarko Fidrmuc, 2010. "Drivers of exchange rate dynamics in selected CIS countries: Evidence from a FAVAR analysis," Working Papers 289, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  3. Libman, Alexander, 2008. "Federalism and regionalism in transition countries: A survey," MPRA Paper 29196, University Library of Munich, Germany.

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