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Currency Convertibility and the Transformation of Centrally Planned Economies


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  • Joshua E. Greene
  • Peter Isard
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    This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 81.

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    Length: 30
    Date of creation: 15 Mar 1991
    Date of revision:
    Handle: RePEc:imf:imfocp:81

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Centrally planned economies; current account; exchange rate; current account convertibility; foreign exchange; capital account; capital account convertibility; current account transactions; exchange rates; currency convertibility; current account balance; balance of payments; exchange restrictions; real exchange rate; multiple currency practices; capital flows; capital inflows; capital outflows; capital account transactions; exchange rate system; fixed exchange rate; capital markets; capital movements; foreign currency; foreign exchange certificates; foreign currencies; exchange reserves; short-term capital; exchange rate systems; exchange rate stability; foreign exchange reserves; floating exchange rates; dual exchange rate; exchange transactions; foreign exchange holdings; currency substitution; capital mobility; short-term capital inflows; capital goods; private capital inflows; capital accounts; international capital markets; private capital; external capital; current account imbalances; volatile capital flows; fixed exchange rate system; exchange rate policies; foreign exchange transactions; capital account restrictions; foreign investment; fixed exchange rates; restrictions on capital account transactions; volatile capital; exchange surrender requirements; balance of payments adjustment; balance of payments deficit; multiple exchange rate; balance of payments equilibrium; exchange rate path; inflation; price stability; foreign exchange surrender requirements; international capital; foreign exchange shortages; flexible exchange rate; foreign exchange markets; exchange rate flexibility; flexible exchange rate system; capital account flows; fluctuations in exchange rates; exchange shortages; market exchange rates; volatility in exchange rates; floating exchange rate; exchange rate instability; current account position; exchange rate movements; real exchange rates; stable exchange rate; foreign exchange restrictions; exchange markets; exchange control; exchange rate depreciation; exchange rate policy; exchange rate pressures; current account deficit; external capital flows; capital investments; exchange rate changes; capital transactions;


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    Cited by:
    1. Andreas Freytag, 2001. "Does central bank independence reflect monetary commitment properly? Methodical considerations," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(217), pages 181-208.
    2. Colombatto, Enrico & Macey, Jonathan, 1996. "Exchange-rate management in eastern Europe: A public-choice perspective," International Review of Law and Economics, Elsevier, vol. 16(2), pages 195-209, June.
    3. Koichi Hamada, 1998. "The Choice of International Monetary Regimes in a Context of Repeated Games," Open Economies Review, Springer, vol. 9(1), pages 417-446, January.


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