Nominal Anchors in the CIS

Keller, Peter; Richardson, Thomas J.

doi:10.5089/9781451859058.001

Cited by 21 publications

(19 citation statements)

References 17 publications

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“…Likewise, Keller and Richardson (2003) identified the motivation for dollarization of Russia's international and domestic assets and suggested that the CIS be highly dollarized for reducing exchange rate volatility and attaining financial stability. However, the euro qualifies to be an anchor currency for the CIS because of a number of reasons.…”

Section: Relevant Stabilization Policiesmentioning

confidence: 99%

Fluctuations in Economic and Activity and Stabilization Policies in the CIS

Kiani

2010

Comput Econ

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Section: Relevant Stabilization Policiesmentioning

confidence: 99%

Fluctuations in Economic and Activity and Stabilization Policies in the CIS

Kiani

2010

Comput Econ

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“…This can be attributed to the fact that the new EU members have the unique opportunity to import the reputation of the European Central Bank credibly by anticipating EMU membership. Keller and Richardson (2003) and Mongardini and Mueller (1999) provide evidence for a high degree of dollarization in the Kyrgyz Republic and other CIS economies including Russia and the Ukraine. Keller and Richardson (2003) find evidence for ratchet effects (hysteresis): once a country has achieved a high degree of dollarization, it may persist even if inflation returns to moderate levels.…”

Section: Exchange Rate Stabilization At High Frequenciesmentioning

confidence: 99%

“…Keller and Richardson (2003) and Mongardini and Mueller (1999) provide evidence for a high degree of dollarization in the Kyrgyz Republic and other CIS economies including Russia and the Ukraine. Keller and Richardson (2003) find evidence for ratchet effects (hysteresis): once a country has achieved a high degree of dollarization, it may persist even if inflation returns to moderate levels. Oomes (2003) observes payment dollarization in Russia for large household transactions as well as for intra-CIS trade.…”

Section: Exchange Rate Stabilization At High Frequenciesmentioning

confidence: 99%

International Capital Markets and Informal Dollar Standards in the CIS and East Asia

Schnabl

2005

SSRN Journal

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Although most CIS and East Asian countries are de jure classified as free floaters, they de facto pursue (tight) dollar pegs. This paper emphasizes dollar denomination of shortterm and long-term payment flows as reasons for exchange rate stabilization. Based on the analysis of "competitive depreciations" and "competitive appreciations" among the CIS and East Asian currencies it is argued that the adherence to a common external anchor currency enhances macroeconomic stability. Finally, the potential of euro and ruble (CIS) as well as yen and yuan (East Asia) to challenge the dollar as anchor currencies in the respective regions is explored.

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“…They argue that apart from the bank lending channel, the interest rate channel, the asset channel, and the exchange rate channel are limited in their scope and ability by a set of negative factors: absense of well-functioning markets for fixed-income securities and equities, weak real estate markets, heavy central bank intervention in the foreign exchange markets, and by the very imperfect connections with the international capital markets. See (Keller, Richardson, 2003) for the discussion of exchange rate regimes in the CIS economies. In addition to the bank lending channel, the balance sheet channel is predicted to operate as a financial accelerator through the increased external finance premium (Mishra, Montiel and Spilimbergo, 2010).…”

Section: The Case Of Cismentioning

confidence: 99%

Channels of Monetary Transmission in the CIS

Jamilov

2012

SSRN Journal

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Twenty years have passed since the breakdown of the Soviet Union, and it is time to draw a concluding line for monetary policy efficiency in the Commonwealth of Independent States (CIS). We propose a comprehensive treatment of the subject for nine members of the CIS for the period of 2000-2009. Four transmission channels are investigated: interest rate channel, exchange rate channel, bank lending channel, and monetary channel. First, we design a VAR framework for each CIS member-state and investigate the short-run dynamics of the impact of each of the four transmission channels on domestic output and inflation. Second, we construct Auto Regressive Distributed Lag Models (ARDL) in order to study the country-wise efficiency of transmission channels in the long run. Finally, we employ a panel data fixed effects method to show how the CIS behaves as a region. Our short-run individual country analysis yields highly heterogeneous results. In the long run, however, it's apparent that broad monetary base (M2) is the most influential determinant of aggregate output. Inflation is affected the most by the refinancing rate and the flow of remittances. For both output and inflation, exchange rate plays a role of a supporting channel.

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Nominal Anchors in the CIS

Cited by 21 publications

References 17 publications

Fluctuations in Economic and Activity and Stabilization Policies in the CIS

Fluctuations in Economic and Activity and Stabilization Policies in the CIS

International Capital Markets and Informal Dollar Standards in the CIS and East Asia

Channels of Monetary Transmission in the CIS

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