BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 16/2007:
The CIS – does the regional hegemon facilitate monetary integration?
David G Mayes ()
and Vesa Korhonen ()
Abstract: We consider the likely economic impact and prospects for
monetary integration among Belarus, Kazakhstan, the Russian Federation and
Ukraine as part of the Single Economic Space they have agreed to set up. A
monetary union among these countries poses three interesting issues for the
structure and process of integration: they have already been members of a
wider currency union that collapsed, so it is necessary to handle the
problems of history; secondly the union would be of very unequal size with
the Russian Federation outweighing the others taken together, so we must
consider how the national interests would be balanced; lastly natural
resources, particularly oil and gas pose problems for dependence and for
the determination of the external exchange rate.
Keywords: monetary union; CIS; economic integration; (follow links to similar papers)
JEL-Codes: E42; E63; F16; (follow links to similar papers)
32 pages, July 24, 2007
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