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1、RUSSIANCURRENCYANDFINANCERUSSIANCURRENCYANDFINANCEAcurrencyboardapproachtoreformSteveH.Hanke,LarsJonung,andKurtSchulerLondonandNewYorkFirstpublished1993byRoutledge11NewFetterLane,LondonEC4P4EEThiseditionpublishedintheTaylor&Francise-Library,2005.“TopurchaseyourowncopyofthisoranyofT
2、aylor&FrancisorRoutledge’scollectionofthousandsofeBookspleasegotowww.eBookstore.tandf.co.uk.”SimultaneouslypublishedintheUSAandCanadabyRoutledge29West35thStreet,NewYork,NY10001©1993SteveH.Hanke,LarsJonungandKurtSchulerAllrightsreserved.Nopartofthisbookmaybereprintedorreproducedorut
3、ilizedinanyformorbyanyelectronic,mechanical,orothermeans,nowknownorhereafterinvented,includingphotocopyingandrecording,orinanyinformationstorageorretrievalsystem,withoutpermissioninwritingfromthepublishers.BritishLibraryCataloguinginPublicationDataAcataloguerecordforthisbookisavail
4、ablefromtheBritishLibraryISBN0-203-98030-1Mastere-bookISBNISBN0-415-09651-0(PrintEdition)LibraryofCongressCataloginginPublicationDataHanke,SteveH.Russiancurrencyandfinance:acurrencyboardapproachtoreform/SteveH.Hanke,LarsJonung,andKurtSchuler.p.cm.Includesbibliographicalreferencesan
5、dindex.ISBN0-415-09651-01.Money—Russia(Federation)2.Currencyquestion-Russia(Federation)3.Economicstabilization—Russia(Federation)I.Jonung,Lars.II.Schuler,Kurt.III.Title.HG1080.2.H341993332.4•947--dc2093–4355CIPCONTENTSAbouttheauthorsviiiListoffiguresixListoftablesxPrefacexi1THECASE
6、FORACURRENCYBOARDIN1RUSSIAExtremeinflationandmonetaryreform1Currencyboardversuscentralbank4Acurrencyboardasthekeytoeconomicreformin11RussiaOutlineoftheremainderofthisbook182THECASEAGAINSTTHECENTRALBANKOF20RUSSIAThefunctionsofmoney,andhowwelltherouble20performsthemStabilityandcredib
7、ility22Credibilityandexchangerates24Convertibilityandforeign-exchangecontrols29Centralbankinganddeficitfinance33Politicalindependence:anunattainablegoal34Inadequatestaff35Flexibility:aproblemevenintheory35TheexperienceofYugoslavia383CENTRALBANKINGANDTHERUSSIAN40MONETARYSYSTEMThehis
8、toryofcentralbankinginRuss