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Author Lybeck, Tonny

Title Central bank autonomy, and inflation and output performance in the Baltic States, Russia, and other countries of the Former Soviet Union, 1995-97 / prepared by Tonny Lybeck
Published [Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Dept., ©1999


Description 1 online resource (38 pages) : illustrations
Series IMF working paper ; WP/99/4
IMF working paper ; WP/99/4.
Summary The Soviet Union dissolved in late 1991, but for some time thereafter the ruble remained legal tender in the Baltic states, Russia, and other countries of the former Soviet Union (BRO). The ruble zone gradually collapsed and the newly independent countries began to take responsibility for their own monetary policy. 2 The BRO countries could, for obvious reasons, not rely on a good track record, but had to establish an autonomous and accountable central bank in their respective countries, perhaps supplemented with a rule-based monetary policy, to ensure credibility. 3 Most of the BRO countries therefore adopted central bank legislation embracing these principles, but also reflecting local conditions in each country. This helps explain the many variations in central bank legislation of the 15 BRO countries in spite of the almost similar point of departure. The purpose of this paper is to compare central bank autonomy and accountability of each BRO country, as revealed by the central bank legislation until the end of 1997, with the corresponding inflation and output performance since the early 1990s
Bibliography Includes bibliographical references (pages 34-38)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Banks and banking, Central -- Baltic States
Banks and banking, Central -- Russia (Federation)
Banks and banking, Central -- Former Soviet republics
Monetary policy -- Baltic States
Monetary policy -- Russia (Federation)
Monetary policy -- Former Soviet republics
Inflation (Finance) -- Baltic States
Inflation (Finance) -- Russia (Federation)
Inflation (Finance) -- Former Soviet republics
Banks and banking, Central
Inflation (Finance)
Monetary policy
Baltic States
Russia (Federation)
Soviet Union -- Former Soviet republics
Form Electronic book
Author International Monetary Fund. Monetary and Exchange Affairs Department.
ISBN 1451890346