Front Matter Page
Research Department
Contents
I. Introduction
II. Description of the Russian Exchange Rate Regimes
1. Interpreting the pre-unification exchange rate regimes in Russia
2. Exchange rate regime reform in Russia, 1992
III. A Model of Exchange Rate Dynamics and Foreign Exchange Market Reform
1. Relevance of the literature on dual exchange rate regimes
2. The basic framework
3. Controlled interbank market exchange rates and exchange rate unification
a. Revaluation of the ruble in the interbank market
b. A reduction in the foreign exchange surrender tax
c. A reduction in the foreign investment tax
4. Fully flexible interbank market exchange rates and exchange rate unification
IV. Concluding Remarks
Text Tables:
1. Pre-Unification Period: Exchange Rate Regime Data
2. Tax and Revenue Flows on Alternative Methods of Reporting and Valuing Marginal Export Earnings (Pre-Unification)
3. Revaluation of the Pegged Ruble in the Interbank Market
4. Impact of a Reduction in the Foreign Exchange Surrender Tax
5. Impact of a Reduction in the Foreign Investment Tax
Figure 1
Figure 2
Figure 3
Figure 4
Technical Appendix
References