2003
DOI: 10.1016/s0939-3625(03)00002-5
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The effect of Soviet monetary disintegration on the collapse of trade between members of the Commonwealth of Independent States

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Cited by 8 publications
(2 citation statements)
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“…3 In case studies of Irish trade, Thom and Walsh (2002) find that breaking the currency union did not have an adverse impact on Ireland-UK trade, while Fitzsimmons et al (1999) find that trade between Ulster and Ireland is greater than predicted by a standard gravity model despite the absence of a common currency after 1979. Schoors (2003) identifies a 15-20 per cent decline in CIS trade as being due to the collapse of the ruble zone in 1992-1993 but ascribes this decline mainly to the need for bilateral balancing (i.e. if the ruble zone had been replaced by convertible national currencies, as in the Baltics, then there would have been no trade loss).…”
Section: The Practical Irrelevance Of Oca Theorymentioning
confidence: 99%
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“…3 In case studies of Irish trade, Thom and Walsh (2002) find that breaking the currency union did not have an adverse impact on Ireland-UK trade, while Fitzsimmons et al (1999) find that trade between Ulster and Ireland is greater than predicted by a standard gravity model despite the absence of a common currency after 1979. Schoors (2003) identifies a 15-20 per cent decline in CIS trade as being due to the collapse of the ruble zone in 1992-1993 but ascribes this decline mainly to the need for bilateral balancing (i.e. if the ruble zone had been replaced by convertible national currencies, as in the Baltics, then there would have been no trade loss).…”
Section: The Practical Irrelevance Of Oca Theorymentioning
confidence: 99%
“…In the rand zone, South Africa has formal arrangements to share seigniorage with the countries in which the rand is legal tender (Lesotho and Namibia), and the South African central bank is prepared to act as lender of last resort in these countries. Similar carrots encouraged retention of the ruble zone in 1992-1993, but Russia fretted at the size of transfers to other members (estimated at 8 per cent of Russian GDP in 1992 by Schoors (2003), p. 18), while some members objected to the political use of the levers. Ultimately, lack of agreement on monetary policy institutions made the ruble zone unstable, in contrast to the CFA franc zone or the rand zone where institutions imposed by a dominant economic power were accepted by the members.…”
Section: The Almost Iron Rule Of Currency Areasmentioning
confidence: 99%