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The IMF and the Ruble Zone

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  • Richard Pomfret

    (Adelaide University, Adelaide, Australia)

Abstract

When the fifteen Soviet successor states joined the IMF in 1992, the most pressing monetary question was whether to retain the ruble or to issue national currencies. IMF officials have argued that the IMF's role was to present the arguments for and against alternative arrangements. This is not how policymakers in the new independent countries and other observers perceived the IMF's position. In 1992, the IMF was seen as advocating retention of the ruble zone, although its position changed and in 1993 it supported introduction of new national currencies. This paper analyses why the IMF adopted a position, and discusses some of the consequences. Comparative Economic Studies (2002) 44, 37–47; doi:10.1057/ces.2002.17

Suggested Citation

  • Richard Pomfret, 2002. "The IMF and the Ruble Zone," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 44(4), pages 37-47, December.
  • Handle: RePEc:pal:compes:v:44:y:2002:i:4:p:37-47
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    Cited by:

    1. Richard Pomfret, 2006. "Coordinating Aid for Regional Cooperation Projects: The Experience of Central Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp163, IIIS.
    2. Philip R. Lane, 2003. "The International Community and the CIS-7," Trinity Economics Papers 20033, Trinity College Dublin, Department of Economics.
    3. Richard Pomfret, 2003. "Formation and Dissolution of Monetary Unions: Evidence from Europe, and Lessons for Elsewhere," School of Economics Working Papers 2003-03, University of Adelaide, School of Economics.
    4. Richard Pomfret, 2017. "Currency Union and Disunion in Europe and the Former Soviet Union," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(4), pages 43-47, January.

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