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The Transition to Convertibility in Eastern Europe and the USSR

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  • Portes, Richard

Abstract

This paper discusses when and how to introduce foreign exchange convertibility in the process of transformation of the socialist centrally-planned economies into market economies based on private property. It elucidates the need for `robust sequencing' in a programme of economic reforms and the importance of establishing the credibility of the programme. It then discusses why convertibility is so important in the sequence, and it goes on to deal with implementation and exchange rate policy. Macroeconomic stabilization is treated as a central issue in the strategy for achieving convertibility. Finally, the paper comments on alternative sequences and the role of external financial support for convertibility.

Suggested Citation

  • Portes, Richard, 1991. "The Transition to Convertibility in Eastern Europe and the USSR," CEPR Discussion Papers 500, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:500
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    Citations

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    Cited by:

    1. Schmieding, Holger, 1991. "Lending stability to Europe's emerging market economies: On the importance of the EC and the ECU for East-Central Europe," Kiel Working Papers 481, Kiel Institute for the World Economy (IfW Kiel).
    2. Michel Aglietta & Michèle Bailly & Christian de Boissieu & Jean-Michel Charpin & Jean-Paul Dessertine & Etienne Lakits & Georges Mink & Jean-Pierre Page & Jacques Sapir & Jean Pisani-Ferry, 1992. "Repenser le soutien de la communauté internationale à l'Europe de l'Est," Revue de l'OFCE, Programme National Persée, vol. 42(1), pages 199-248.
    3. Rumen Dobrinsky, 1996. "Monetary policy, macroeconomic adjustment and currency speculation under floating exchange rates: the case of Bulgaria," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 185-210, May.
    4. Thomas Fricke, 1991. "La nouvelle Europe de l'Est dans les échanges mondiaux : de la stagnation au déclin ?," Revue de l'OFCE, Programme National Persée, vol. 37(1), pages 139-172.

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