The Resolution of Economic Issues During the Period of Redefinition

  • Milica Zarkovic Bookman


Although there are numerous examples of regions attempting to secede, and scholars can theoretize about the sources of and reasons for their secessionist desires, there is very little information on the actual process of disassociation. Scholars and policymakers tread on thin ice because most past examples of attempted or successful secession have been shrouded in violence, obscuring the details of the process. The fact that independence was achieved so rapidly in numerous regions intensifies the problems, as with a premature birth. Indeed, an Estonian government official remarked recently: “We are not prepared for independence… We have to improvise all the time, to barter. We don’t really know yet how rich or poor we are.”1 Moreover, when the outcome of a secessionist attempt is decided by violence and war, the issues to be negotiated are fewer since force has determined the distribution of assets. In the late 20th century, the increasing number of successful secessions, many of them in relative peacetime, has led to the need to carefully map out this process.2


Labor Force Monetary Policy Central Bank Banking System Economic Issue 
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  1. 15.
    This unilateral decision caused the central bank in Lagos to retaliate by blocking the transfer of all foreign currency to the region. See Peter Schwab, ed., Biafra, New York: Facts on File, 1971.Google Scholar
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    It has been proposed by Havrylyshyn and Williamson that the creation of a currency board would be preferable to a central bank because this would avoid the pressure to monetize the public debt that the new states might have. (Oleh Havrylyshyn and John Williamson, From Soviet Disunion to Eastern Economic Community, Washington: Institute for International Economics Policy Analyses in International Economics no. 35, 1991, pp. 39–42).Google Scholar
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© Milica Zarkovic Bookman 1992

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  • Milica Zarkovic Bookman

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