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Transitional Arrangements for Trade and Payments among the CMEA Countries

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  • Peter B. Kenen

    (International Monetary Fund)

Abstract

The CMEA countries are starting to conduct their trade at world prices and in convertible currencies. These are crucial steps in economic reform but will worsen Eastern Europe's terms of trade and drive it into current account deficit with the U.S.S.R. Proposals have been made for a payments union, resembling the European Payments Union of 1950-58, to ease the transition. Such an arrangement would not function well if it included the U.S.S.R., which would be a persistent creditor. Other ways must be found to deal with the transition.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 38 (1991)
Issue (Month): 2 (June)
Pages: 235-267

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Handle: RePEc:pal:imfstp:v:38:y:1991:i:2:p:235-267

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Cited by:
  1. Siebert, Horst, 1991. "Die Integration Osteuropas in die Weltwirtschaft," Kiel Working Papers 491, Kiel Institute for the World Economy.
  2. Csaba, László, 1995. "A nemzetközi pénzügyi szervezetek és a keleteurópai rendszerátalakító politika
    [International financial organizations and the East European policies aimed at systemic transformation]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 117-138.
  3. Schmieding, Holger, 1991. "External protection for the emerging market economies? The case for financial liberalisation instead of import barriers in Eastern Europe," Kiel Working Papers 498, Kiel Institute for the World Economy.
  4. Michalopoulos, Constantine, 1996. "Payments and finance problems in the Commonwealth of Independent States," Policy Research Working Paper Series 1587, The World Bank.
  5. Franz Lang, 1992. "Strategic trade policy for Eastern Europe," Intereconomics: Review of European Economic Policy, Springer, vol. 27(4), pages 182-189, July.
  6. Dani Rodrik, 1992. "Making Sense of the Soviet Trade Shock in Eastern Europe: A Framework and Some Estimates," NBER Working Papers 4112, National Bureau of Economic Research, Inc.
  7. Groshek, Gerald, 1997. "The Czech and Slovak Clearing Agreement: a post-mortem," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 7(2), pages 171-184, July.

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