Keynes's Russian Currency Board
S. H. Hanke and A. A. Walters (eds.), Capital Markets and Development. San Francisco: Institute for Contemporary Studies Press, 1991
15 Pages Posted: 25 Jan 2013
Date Written: 1991
For an economy to function well, it needs a currency that people can use to purchase a wide variety of goods and services, that is readily convertible into foreign exchange, and that is a reliable store of value. The currencies of most less-developed countries, as well as those of the Soviet Union and the newly democratizing nations of Eastern Europe, do not possess these qualities. Unless successful currency reforms can be implemented, these nations will not be able to sustain economic progress.
Keywords: Hanke, Schuler, Capital Markets Developments, Keynes Currency Board Russia, Russian
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