Capital Controls in Emerging Economies

By Christine Ries Hekman; Richard J. Sweeney | Go to book overview
A possible source of information about the dollar value of the republics' trade can be obtained from valuations of their trade with Eastern European countries. Estimates are available for the value of trade between Hungary and the Commonwealth states as a group in 1990, valued both in rubles and forints. The ratio of these values suggests that the forint-ruble cross rate for this group of goods is about 27 forints per ruble. The market forint-dollar cross rate at the same time was about 62 forints per dollar. This suggests a "market" rate of $0.44 per ruble. A similar calculation for trade with Czechoslovakia suggests a rate of $0.50 per ruble. Column 4 of Table 8.6 shows the dollar value of quotas assuming a rate of $0.50 per ruble. We see no really useful way to refine these calculations. Perhaps it is unreasonable to regard the dollar amounts in Table 8.6 as providing a reasonable range for the credit lines required. Finally, we might guess that capital equal to 10 percent of quotas is needed to insure the credibility of the mechanism. Contributions from the West could take the form of guarantees for bonds issued by the mechanism.
References
Brabant Jozef M. 1991. "Convertibility in Eastern Europe Through a Payments Union," in John Williamson, ed., Currency Convertibility in Eastern Europe. Pp. 63-95. Washington, D.C.: Institute for International Economics.
Dornbusch Rudiger. 1991. "A Payments Mechanism for the Soviet Union and Eastern Europe." Mimeo. Cambridge: MIT, November.
Gros Daniel. 1991. "A Soviet Payments Union?" Mimeo. Brussels: Center for European Policy Studies, November.
Havrylyshen Oley, and John Williamson. 1991. From Soviet Disunion to Eastern Economic Community? Washington, D.C.: Institute for International Economics.
Kenen Peter. 1991. "Transitional Arrangements for Trade and Payments Among the CMEA Countries." IMF Staff Papers 38( 2): 236-67.
Williamson John. 1992. Trade and Payments After Soviet Disintegration. Washington, D.C.: Institute for International Economics.

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Capital Controls in Emerging Economies
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface ix
  • Acknowledgments xi
  • Introduction and Overview 1
  • Notes 12
  • 1 - Orthodoxy is Right: Liberalize The Capital Account Last 13
  • Notes 16
  • 2 - Reality and the Logic Of Capital Flow Liberalization 17
  • Introduction 17
  • Notes 29
  • 3 - Preconditions for Liberalization Of Capital Flows: a Review And Interpretation 33
  • Introduction 33
  • Notes 43
  • 4 - The Information Costs Of Capital Controls 45
  • Introduction 45
  • Conclusions 54
  • References 55
  • 5 - Currency Convertibility, Policy Credibility and Capital Flight In Poland and the Czech and Slovak Federal Republic 63
  • Introduction 63
  • Notes 83
  • References 85
  • 6 - Capital Controls and Corporate Investment Behavior 89
  • Introduction 89
  • Notes 108
  • References 108
  • 7 - Capital Account Liberalization and Policy Incentives: an Endogenous Policy View 111
  • Introduction 111
  • Notes 131
  • 8 - A Payments Mechanism For The Independent States Of The Former Soviet Union 137
  • Introduction: Economic Rationale For a Payments Mechanism 137
  • References 157
  • About the Editors and Contributors 159
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