The Imf and the Ruble Area, 1991-1993

IMF Working Papers, August 1, 2001

Source details

Canonical URL

The Imf and the Ruble Area, 1991-1993

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Authors: John C. Odling-Smee, Gonzalo C Pastor Campos
• Published: August 1, 2001
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451852516.001

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.
• The paper corrects some misperceptions that have arisen about the IMF's role.
• The evidence presented suggests:
  • (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.

Findings and analysis

• The IMF staff focused on presenting pros and cons of alternative monetary arrangements rather than strongly advocating a single arrangement.
• The balance of arguments concerning the ruble area and national currencies evolved over time, influencing the IMF's advice.
• The paper aims to correct misperceptions about the IMF’s role during 1991-93 with respect to the ruble area.

Policy advice and guidance

• IMF advice on introducing national currencies was provided to national authorities and was available as early as January 1992.
• Emphasis was placed on leaving the decision to stay in or leave the ruble area to the national authorities, with the IMF providing comparative analysis of monetary arrangements.

Subjects and keywords

• 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

IMF Working Paper by John C. Odling-Smee and Gonzalo C Pastor Campos, August 1, 2001.

Content in this bundle

• The IMF and the Ruble Area, 1991-93 - WP/01/101
  • The IMF and the Ruble Area, 1991-93 - WP/01/101 (Markdown version)
  • The IMF and the Ruble Area, 1991-93 - WP/01/101 (PDF)