The Imf and the Ruble Area, 1991-1993

By John C. Odling-Smee, Gonzalo C Pastor Campos

August 1, 2001

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John C. Odling-Smee, and Gonzalo C Pastor Campos. The Imf and the Ruble Area, 1991-1993, (USA: International Monetary Fund, 2001) accessed November 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper summarizes the IMF advice on the ruble area as it was presented to the national authorities in Russia, the Baltic countries, and other states of the former Soviet Union in 1991-93. In the course of doing so, the paper corrects some misperceptions that have arisen about the IMF's role. The evidence presented in the paper suggests that (i) the balance of arguments on the ruble area (and national currencies) changed over time, and hence so did the IMF's advice, and (ii) from the beginning, the IMF staff concentrated on pointing out the pros and cons of alternative monetary arrangements, without strongly advocating a particular one, emphasizing that it was the authorities' decision to stay in or leave the ruble area. Fund advice on how to introduce national currencies was made readily available to the various national authorities as early as January 1992.

Subject: Banking, Correspondent banking, Credit, Currencies, Currency reform, Economic integration, Financial services, Monetary unions, Money

Keywords: Area arrangement, Area membership, Area option, Area work, Baltics, Common currency, Correspondent banking, Country, Credit, Currencies, Currency reform, Government, Monetary policy, Monetary unions, National currencies, Ruble, Ruble Area, Ruble area arrangement, Ruble Area arrangement, WP

Publication Details

Pages:

50
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2001/101
Stock No:

WPIEA1012001
ISBN:

9781451852516
ISSN:

1018-5941

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