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| Tekijä: | Bofinger, P. |
| Otsikko: | The economics of orthodox money-based stabilisations (OMBS): The recent experience of Kazakhstan, Russia and the Ukraine |
| Lehti: | European Economic Review
1996 : APR, VOL. 40:3-5, p. 663-671 |
| Asiasana: | EXCHANGE RATES STABILIZATION MACROECONOMICS KAZAKHSTAN RUSSIA UKRAINE |
| Kieli: | eng |
| Tiivistelmä: | The paper discusses the recent macroeconomic stabilization strategies in Russia, Kazakhstan and the Ukraine, classified as OMBS's. It shows difficulties created in case one uses monetary targeting as short-term policy guideline in countries with an unstable demand for money. As a result, the sacrifice ratio becomes very high. The interest problems provide thus an additional explanation for the dismal economic performance of these countries. As an alternative to the strategy of 1994, the approach of a heterodox exchange rate-based stabilization (or HERBS) is suggested. |
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