Exchange Rate Determinants in Russia: 1992-1993

ByVincent Koen, Eric Meyermans

June 1, 1994

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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 examines the evolution of the exchange rate of the ruble vis-à-vis the U.S. dollar from exchange rate unification, in July 1992, to the end of 1993. The expected and actual paths of the exchange rate are related to the exchange and trade regime and to the stance of financial and exchange rate policies. An econometric analysis based on weekly data is offered, which suggests that monetary factors have a significant impact on the short run behavior of the exchange rate.

Subject: Correspondent banking, Currency markets, Exchange rate arrangements, Exchange rates, Financial markets, Financial services, Foreign exchange

Keywords: Baltics, CBR intervention, Central and Eastern Europe, Correspondent banking, Currency markets, Eastern Europe, Exchange rate arrangements, Exchange rates, foreign exchange market, interest rate, nominal exchange rate, price level, ruble auction, spot exchange rate, U.S. dollar, WP

Pages:
62
Volume:
1994
DOI:
https://doi.org/10.5089/9781451848755.001
Issue:
066
Series:
Working Paper No. 1994/066
Stock No:
WPIEA0661994
ISBN:
9781451848755
ISSN:
1018-5941

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