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Internal Currency Markets and Production in the Soviet Union


  • Linda S. Goldberg
  • Il'dar Karimov


This paper considers the impact of macroeconomic and microeconomic policy tools on enterprise activities within an economy in the process of economic reform. Assuming a dual exchange rate regime and the type of increased enterprise autonomy introduced as components of partial economic reform as in the Soviet Union, policy changes induce shifts in production and hard currency allocation decisions. This paper considers the implications for: the supply of hard currency to internal auctions or interbank markets; the free internal price of foreign exchange; export volumes; the trade balance; the supply of goods available for internal consumption; and open and hidden inflation. The concentration of market power of producers in domestic industries and the design of currency auctions or interbank markets are key determinants, respectively, of the magnitude and direction of the enterprise responses to policy changes and external shocks.

Suggested Citation

  • Linda S. Goldberg & Il'dar Karimov, 1991. "Internal Currency Markets and Production in the Soviet Union," NBER Working Papers 3614, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:3614
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    References listed on IDEAS

    1. Lizondo, JoseSaul, 1987. "Exchange rate differential and balance of payments under dual exchange markets," Journal of Development Economics, Elsevier, vol. 26(1), pages 37-53, June.
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    Cited by:

    1. Linda S. Goldberg & Il'dar Karimov, 1992. "Black-Markets for Currency, Hoarding Activity and Currency Reform," NBER Working Papers 4153, National Bureau of Economic Research, Inc.

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