Abstract
In the countries of Eastern Europe the question as to the degree of currency convertibility is among the most important decisions to be taken when setting the framework for a free market economy. This article attempts to indicate the monetary and fiscal measures that will be required if the reform countries willing and able to be integrated into the EC and OECD are to proceed rapidly to the liberalisation of capital transactions.
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Cf. F. Bergsten and J. Williamson: Currency Convertibility in Eastern Europe, in: The Federal Reserve Bank of Kansas City (ed.): Central Banking Issues in Emerging Market-Oriented Economies, 1990, pp. 35–49.
See: Der Forint ist bald konvertierbar. Gespräch mit dem Vizepräsidenten der ungarischen Nationalbank, Dr. Frigyes Hárshegyi, in: Die Wirtschaft, Berlin, 42/91.
Quoted in M. J. Fry and D. M. Nuti: Monetary and Exchange-Rate Policies During Eastern Europe’s Transition: Some Lessons From Further East, in: Oxford Review of Economic Policy, Vol. 8, 1992, No. 1, p. 40.
An assessment of liberalisation experience in OECD countries, Latin America and Asia is to be found in B. Fischer and H. Reisen: Zum Abbau von Kapitalverkehrskontrollen: Ein Liberalisierungs-Fahrplan, Verlag Weltarchiv, Hamburg 1992. I. Joumard and H. Reisen: Real Exchange Rate Overshooting and Persistent Trade Effects: The Case of New Zealand, in: The World Economy, June 1992, examines the interaction of financial deregulation, exchange rate reactions and trade effects.
Cf. H.-P. Fröhlich: Währungspolitische Reformen in Osteuropa, Institut der Deutschen Wirtschaft, Beiträge zur Wirtschafts- und Sozialpolitik No. 197, Cologne 1992.
Cf. for example J. Williamson: Capital Account Convertibility: A Cost-Benefit Analysis for Developing Countries, in: H. Reisen and B. Fischer (eds): Financial Opening. Developing Country Policy Issues and Experiences, OECD, Paris 1992 (forthcoming).
Cf. B. Fischer and H. Reisen: Capital Account Opening: Pitfalls, Prerequisites and Perspectives, OECD Development Centre Studies, Paris 1992 (forthcoming). See also H. Reisen and H. Yerches: Time-Varying Estimates on the Openness of the Capital Account in Korea and Taiwan, in: Journal of Development Economics (forthcoming).
Cf. P. Poret: Exchange Control Issues in Partners in Transition Countries, in: OECD Observer, Paris (forthcoming).
Cf. OECD: Economic Survey, Hungary, Paris 1991.
On the connection between foreign and domestic government borrowing, see H. Reisen: Public Debt, External Competitiveness, and Fiscal Discipline in Developing Countries, in: Princeton Studies in International Finance, No. 66, Princeton, N.J., November 1989.
Cf. B. Fischer and H. Reisen: Capital Account Opening, op. cit.
see also P. Kenen: Financial Opening and the Exchange Rate Regime, in: H. Reisen and B. Fischer (eds.): Financial Opening, op. cit..
Cf. R. Portes: Is There a Better Way?, in: International Economic Insights, May/June 1992, pp. 21 f.
Cf. B. Fischer and H. Reisen: Zum Abbau von Kapitalverkehrskontrollen, op. cit., Ein Liberalisierungs-Fahrplan, Verlag Weltarchiv, Hamburg 1992. I. Joumard and H. Reisen: Real Exchange Rate Overshooting and Persistent Trade Effects: The Case of New Zealand, in: The World Economy, June 1992, p. 29.
Cf. OECD: Economic Survey, Czech and Slovak Federal Republic, Paris 1991, p. 105.
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Fischer, B., Reisen, H. Full currency convertibility in Eastern Europe?. Intereconomics 27, 203–209 (1992). https://doi.org/10.1007/BF02928047
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DOI: https://doi.org/10.1007/BF02928047