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Nominal Anchors in the CIS
Author:
Mr. Peter M Keller
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Mr. Thomas J Richardson
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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 179
Language:
English
Publication Date:
01 Sep 2003
DOI:
https://doi.org/10.5089/9781451859058.001
ISBN:
9781451859058
ISSN:
1018-5941
Pages:
42
Keywords:
WP; CIS country; exchange market intervention; CIS policymaker; money demand; balance of payments; managed float; underdeveloped exchange market; Monetary policy; exchange rates; nominal anchors; CIS context; underdeveloped exchange markets in the CIS; CIS trade; CIS policymakers state; policymakers state; CIS currency; CIS economy; Inflation; Inflation targeting; Dollarization; Currencies; Eastern Europe; Baltics
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (i.e., they suffer from "fear of floating"). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.
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IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund