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Currency Convertibility and the Transformation of Centrally Planned Economies »
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
DOI: http://dx.doi.org/10.5089/9781557752147.084
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems....
Appendix. Historical Experience in Establishing Convertibility »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
Historically, most countries have introduced current account convertibility rather late in their development process, usually after initiating industrial reforms and trade liberalization. Thus, few developin...
I Introduction »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
Many countries that have had centrally planned economies are now undergoing a dramatic transformation aimed at making their economies more market oriented. Far-reaching reforms are contemplated or under way,...
II Definitions »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
The meaning of “convertibility” has changed over time as the international monetary system has evolved (Haberler (1954). Before the 1930s, convertibility was generally defined as the right to convert a curre...
III Effects of Current and Capital Account Convertibility »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
Establishing convertibility for international transactions has a variety of implications for an economy. By exposing the economy to the pressures of foreign competition, current account convertibility, along...
IV When to Introduce Current Account Convertibility »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
The appropriate time to introduce current account convertibility will normally depend on the implementation of other measures in a country’s reform program. As indicated in this section, macroeconomic stabil...
V Capital Account Convertibility »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
Discussions of capital account convertibility center on three issues: (1) whether capital account convertibility should be delayed until late in the transformation process or introduced simultaneously with c...
VI Internal Convertibility »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
The previous sections have focused on convertibility for current and capital account transactions. This section turns briefly to the issue of internal convertibility—here defined as the legal right of reside...
VII Summary and Conclusions »
Source: Currency Convertibility and the Transformation of Centrally Planned Economies
Series: Occasional Papers
Author(s): Joshua Greene , and Peter Isard
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 15 March 1991
ISBN: 9781557752147
Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account
This paper has analyzed the establishment of currency convertibility in transforming centrally planned economies, focusing mainly on current account convertibility, with some discussion of capital account co...
Emerging Market Volatility »
Source: Emerging Market Volatility : Lessons from The Taper Tantrum
Volume/Issue: 2014/9
Series: Staff Discussion Notes
Author(s): Ratna Sahay , Vivek Arora , Athanasios Arvanitis , Hamid Faruqee , Papa N'Diaye , and Tommaso Mancini Griffoli
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 02 October 2014
ISBN: 9781498318204
Keywords: Monetary policy, Emerging markets, United States, Capital flows, Financial markets, Capital market volatility, Macroprudential Policy, Developed countries, Tapering, unconventional monetary policy
Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discusse...