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The Reasons of the Collapse of the Ruble Zone

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  • Marek Dabrowski

Abstract

This paper has mainly a historical character and analyzes the causes of the monetary disintegration of the FSU, stages of this disintegration, and macroeconomic consequences of this process. The second section is devoted to a brief discussion of the economic and political condition of the successful existence of the common currency area. In section 3, I describe the process of monetary disintegration that already started at the end of 1990 when the Soviet Union still existed. Section 4 illustrates the process of monetary disintegration in 1992-1993, after the dissolution of USSR. Section 5 presents a picture about the most important initiative to rebuild the ruble area in 1992-1994. Finally, section 6 contains the discussion on macroeconomic and other consequences of continuing the common currency despite the political disintegration.

Suggested Citation

  • Marek Dabrowski, 1995. "The Reasons of the Collapse of the Ruble Zone," CASE Network Studies and Analyses 0058, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:cnstan:0058
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    1. Lucjan Orlowski, 1993. "Indirect transfers in trade among former Soviet Union Republics: Sources, patterns and policy responses in the Post‐Soviet period," Europe-Asia Studies, Taylor & Francis Journals, vol. 45(6), pages 1001-1024.
    2. Val Samonis, 1995. "Transforming the Lithuanian Economy: from Moscow to Vilnius and from Plan to Market," CASE Network Studies and Analyses 0042, CASE-Center for Social and Economic Research.
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    Cited by:

    1. Natalia Levenko & Karsten Staehr, 2017. "To Be or Not to Be in the Ruble Zone: Lessons from the Baltic States," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(04), pages 34-42, January.
    2. Marek Dabrowski & Artur Radziwill, 2007. "Regional vs. Global Public Goods: The Case of Post-Communist Transition," CASE Network Studies and Analyses 0336, CASE-Center for Social and Economic Research.
    3. Evgeny Vinokurov & Alexander Libman, 2014. "Do economic crises impede or advance regional economic integration in the post-Soviet space?," Post-Communist Economies, Taylor & Francis Journals, vol. 26(3), pages 341-358, September.
    4. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
    5. Dabrowski, Marek, 2013. "Monetary policy regimes in CIS economies and their ability to provide price and financial stability," BOFIT Discussion Papers 8/2013, Bank of Finland, Institute for Economies in Transition.
    6. De Melo, Martha & Denizer, Cevdet, 1997. "Monetary policy during transition : an overview," Policy Research Working Paper Series 1706, The World Bank.
    7. Marek Dabrowski, 2017. "Post-Communist Transition and Monetary Disintegration," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(04), pages 03-11, January.
    8. Libman, Alexander, 2009. "Russian federalism and post-Soviet integration: Divergence of development paths," MPRA Paper 12944, University Library of Munich, Germany.
    9. Kooths, Stefan & van Roye, Björn, 2012. "Nationale Geldschöpfung im Euroraum: Mechanismen, Defekte, Therapie," Kiel Discussion Papers 508/509, Kiel Institute for the World Economy (IfW Kiel).
    10. repec:zbw:bofitp:2013_008 is not listed on IDEAS

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