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Transitional Arrangements for Trade and Payments among the CMEA Countries

Author

Listed:
  • Peter B. Kenen

    (International Monetary Fund)

Abstract

The CMEA countries are starting to conduct their trade at world prices and in convertible currencies. These are crucial steps in economic reform but will worsen Eastern Europe's terms of trade and drive it into current account deficit with the U.S.S.R. Proposals have been made for a payments union, resembling the European Payments Union of 1950-58, to ease the transition. Such an arrangement would not function well if it included the U.S.S.R., which would be a persistent creditor. Other ways must be found to deal with the transition.

Suggested Citation

  • Peter B. Kenen, 1991. "Transitional Arrangements for Trade and Payments among the CMEA Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 235-267, June.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:2:p:235-267
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    Citations

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    Cited by:

    1. Franz Lang, 1992. "Strategic trade policy for Eastern Europe," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 27(4), pages 182-189, July.
    2. Siebert, Horst, 1991. "Die Integration Osteuropas in die Weltwirtschaft," Kiel Working Papers 491, Kiel Institute for the World Economy (IfW Kiel).
    3. Eichengreen, Barry, 1993. "A Marshall Plan for the East: Options for 1993," Center for International and Development Economics Research (CIDER) Working Papers 233185, University of California-Berkeley, Department of Economics.
    4. Hinojosa-Ojeda, Raul & Robinson, Sherman & Tesche, Jean, 1992. "Hungary, Austria, and the European Community: A CGE Model of Economic Refrom and Integration," CUDARE Working Papers 198597, University of California, Berkeley, Department of Agricultural and Resource Economics.
    5. Csaba, László, 1995. "A nemzetközi pénzügyi szervezetek és a keleteurópai rendszerátalakító politika [International financial organizations and the East European policies aimed at systemic transformation]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 117-138.
    6. Dani Rodrik, 1994. "Foreign Trade in Eastern Europe's Transition: Early Results," NBER Chapters, in: The Transition in Eastern Europe, Volume 2, Restructuring, pages 319-356, National Bureau of Economic Research, Inc.
    7. Patrick Conway, 2017. "Lessons from the Collapse of the Transferable Ruble System and the Joint Currency of Former CMEA Countries for the Eurozone," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(04), pages 48-53, January.
    8. Dani Rodrik, 1992. "Making Sense of the Soviet Trade Shock in Eastern Europe: A Framework and Some Estimates," NBER Working Papers 4112, National Bureau of Economic Research, Inc.
    9. 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.
    10. Vahabi, Mehrdad, 1998. "Une analyse cliometrique du régionalisme européen [A Cliometric Analysis of the European Regionalism]," MPRA Paper 80043, University Library of Munich, Germany, revised Dec 1998.
    11. Patrick Conway, 2017. "Lessons from the Collapse of the Transferable Ruble System and the Joint Currency of Former CMEA Countries for the Eurozone," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(4), pages 48-53, January.
    12. Michalopoulos, Constantine, 1996. "Payments and finance problems in the Commonwealth of Independent States," Policy Research Working Paper Series 1587, The World Bank.
    13. Schmieding, Holger, 1991. "External protection for the emerging market economies? The case for financial liberalisation instead of import barriers in Eastern Europe," Kiel Working Papers 498, Kiel Institute for the World Economy (IfW Kiel).
    14. Groshek, Gerald, 1997. "The Czech and Slovak Clearing Agreement: a post-mortem," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 7(2), pages 171-184, July.
    15. Jocelyn Horne, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(4), pages 379-392, December.
    16. Jean-Charles Asselain & François Bourguignon, 1994. "Convertibilité précoce et protection par le change : un premier bilan de la réinsertion internationale des pays de l'Est," Revue Économique, Programme National Persée, vol. 45(3), pages 833-844.

    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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