publication . Article . Preprint . 2003

Nominal Anchors in the CIS

Peter M. Keller; Thomas J Richardson;
Open Access
  • Published: 01 Sep 2003 Journal: IMF Working Papers, volume 3, page 1 (issn: 1018-5941, Copyright policy)
  • Publisher: International Monetary Fund (IMF)
Abstract
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 ...
Subjects
free text keywords: Azerbaijan;Armenia;Belarus;Monetary policy;Exchange rates;Russian Federation;Kyrgyz Republic;Kazakhstan;Nominal anchors;Moldova;Georgia;Uzbekistan;Tajikistan;Turkmenistan;Ukraine;inflation, inflation targeting, money supply, price stability, Open Economy Macroeconomics, Moldova, Republic of, Kyrgyzstan,, Price of stability, Monetary economics, Economics, Inflation targeting, Monetary policy, Inflation, media_common.quotation_subject, media_common, Floating exchange rate, Fiscal adjustment, Money supply, Fear of floating
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