Currency Convertibility and the Transformation of Centrally Planned Economies

Greene, Joshua E.; Isard, Peter

doi:10.5089/9781557752147.084

Cited by 39 publications

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“…In the literature, we find rather restrictive conditions for the successful introduction of current account convertibility (cf. Greene & Isard, 1991;Fry & Nuti, 1992;Ellman, 1992): Downloaded by [University of Toronto Libraries] at 00:17 03 February 2015…”

Section: A Short Political Economy Of An International Monetary Systemmentioning

confidence: 98%

Soviet regional disintegration and monetary problems

Wagener

Selm

1993

Communist Economies and Economic Transformation

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Section: A Short Political Economy Of An International Monetary Systemmentioning

confidence: 98%

Soviet regional disintegration and monetary problems

Wagener

Selm

1993

Communist Economies and Economic Transformation

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“…Removing restrictions on current account transactions could pose serious risks for macroeconomic stability, particularly early in the reform process when the preconditions for convertibility have not been in place long. These preconditions (Greene and Isard, 1991) include (i) an appropriate exchange rate level that is consistent with balance of payments equilibrium, (ii) an adequate level of foreign exchange reserves, (iii) effective fiscal and monetary policy instruments to ensure macroeconomic stability, and (iv) a market environment where producers and consumers have the incentive and ability to respond to market signals. Of the four preconditions, China probably could satisfy only the first two.…”

Section: Significance For Currency Convertibilitymentioning

confidence: 99%

Unification of China's Foreign Exchange Rates

Huang¹,

Wong²

1996

Contemporary Economic Policy

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This paper studies China's foreign exchange market before and after the 1994 unification of the official and swap exchange rates. Examining segmentation as well as linkages among the foreign exchange adjustment centers (FEACs) reveals that the linkages were not strong enough to eliminate or narrow price differentials among FEACs. Hence, improving the foreign exchange market's efficiency requires a reform to unify the swap rates. This paper discusses the unification's implications for inflation, monetary policy, and current account convertibility. Copyright 1996 Western Economic Association International.

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“…Economic reforms in successful Asian economies like Hong Kong, S. Korea, Singapore and Taiwan have been contingent on the absence of pressure for monetary expansion to finance large and continuous government deficits. See Greene and Isard (1991).…”

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confidence: 99%

Competitive Money Creation in China and in the Soviet Union

Liew

1994

Metroeconomica

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With economic reforms, the control of financial resources becomes important as a means of securing property rights. Both China and the former Soviet Union, in their transition from a centrally-planned economy, have faced problems of a weakened center which, either completely or on occasions, has lost control of the money creation process. This paper analyses the attempts of provinces and republics to vary the money supply with the objective of acquiring physical resources at the cost of the other provinces (republics), while balancing the costs of potential inflation. Equilibrium outcomes are found to depend on the provinces' (republics') preferences about the growth in real absorption and the rate of inflation, on the growth of national output, and on the relative size of their economies.

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Currency Convertibility and the Transformation of Centrally Planned Economies

Cited by 39 publications

References 0 publications

Soviet regional disintegration and monetary problems

Soviet regional disintegration and monetary problems

Unification of China's Foreign Exchange Rates

Competitive Money Creation in China and in the Soviet Union

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