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Nominal Anchors in the CIS

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  • Peter Keller
  • Thomas J. Richardson
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    Abstract

    Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (i.e., they suffer from "fear of floating"). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/179.

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    Length: 42
    Date of creation: 01 Sep 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/179

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    Related research

    Keywords: Exchange rates; inflation; monetary policy; inflation targeting; money supply; price stability; foreign exchange; money demand; central bank; monetary fund; high inflation; monetary aggregates; foreign currency; inflation targeting framework; inflation target; inflation rates; monetary policy objectives; monetary policies; price level; inflation objective; monetary policy instruments; monetary expansion; real interest rates; monetary instruments; monetary targets; nominal interest rates; inflation-targeting; monetary authorities; monetary financing; reduction in inflation; tight monetary policies; reserve requirements; monetary system; financial stability; monetary regimes; monetary regime; monetary model; monetary analysis; domestic money markets; real value; monetary shocks; high inflations; moderate inflation; relative prices; nominal interest rate; inflation equation; monetary union; monetary approach; monetary unit; real rates; real output; monetary policy rules; dollar bills; demand for money; loose monetary policies; quantity theory; open market operations; monetary systems; income velocity of money; monetary targeting; independent monetary policy; monetary anchors;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
    2. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
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    Citations

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    Cited by:
    1. Dimitrios A. Sideris, 2007. "Foreign Exchange Intervention and Equilibrium Real Exchange Rates," Working Papers 56, Bank of Greece.
    2. Gunther Schnabl, 2005. "International Capital Markets and Exchange Rate Stabilization in the CIS," International Finance 0505015, EconWPA.
    3. van Aarle, Bas & de Jong, Eelke & Sosoian, Robert, 2006. "Exchange rate management in Ukraine: Is there a case for more flexibility?," Economic Systems, Elsevier, vol. 30(3), pages 282-305, October.
    4. Wachtel, Paul & Korhonen, Iikka, 2004. "Observations on disinflation in transition economies," BOFIT Discussion Papers 5/2004, Bank of Finland, Institute for Economies in Transition.
    5. Khurshid Kiani, 2011. "Fluctuations in Economic and Activity and Stabilization Policies in the CIS," Computational Economics, Society for Computational Economics, vol. 37(2), pages 193-220, February.
    6. Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.
    7. Gunther Schnabl, 2004. "International Capital Markets, Macroeconomic Stability, and Exchange Rate Stabilization in the CIS and East Asia," International Finance 0410009, EconWPA, revised 01 Mar 2005.
    8. Korhonen, Iikka & Mehrotra, Aaron, 2007. "Money demand in post-crisis Russia: De-dollarisation and re-monetisation," BOFIT Discussion Papers 14/2007, Bank of Finland, Institute for Economies in Transition.

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