Introduction of Full Convertibility of National Currency: Problems of Theory and Practice

Abstract

The article is devoted to actual questions of introducing convertibility of the ruble. The structure and definitions of convertibility are considered. On the basis of the international experience the economic essence of convertibility as a source of additional income of the states-emissioners is revealed. The sequence of stages of convertibility in advanced economies is presented, basic problems of introducing convertibility in developing as well as in transition economies are studied. The experience of transition to convertibility of the ruble and corresponding consequences for the Russian economy are analyzed.