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The Wild Ride of the Ruble


  • Easterly, W.
  • Wolf, C.H.


The ride of the ruble has been nothing if not exciting. After a near meltdown of the ruble on Black Tuesday (Octorber 11, 1994) and further tremors in early 1995, the ruble has staged a remarkable comeback. It appreciated by some 7 percent in nominal terms and by more than 25 percent in real terms from April through June 1995 despite substantial central bank dollar purchases. Partly as response to the ruble recovery, a exchange rate band spanning teh range from 4300 to 4900 rubles per dollar was introduced on July 5th, with the spot rate at 4565.

Suggested Citation

  • Easterly, W. & Wolf, C.H., 1996. "The Wild Ride of the Ruble," Working Papers 96-01, New York University, Leonard N. Stern School of Business, Department of Economics.
  • Handle: RePEc:ste:nystbu:96-01

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    References listed on IDEAS

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    3. Eduardo Borensztein & Jonathan David Ostry, 1994. "Economic Reform and Structural Adjustment in East European Industry," IMF Working Papers 94/80, International Monetary Fund.
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    Cited by:

    1. Varshavsky Alexander, 1999. "Macroeconomic Aggregate Model for Analysis of Inflation and Stabilization of the Russian Economy," EERC Working Paper Series 97-109e, EERC Research Network, Russia and CIS.
    2. De Melo, Martha & Denizer, Cevdet, 1997. "Monetary policy during transition : an overview," Policy Research Working Paper Series 1706, The World Bank.

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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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