This book analyzes the monetary and exchange rate policies in Eastern European countries not covered by the current EU enlargement process. Specifically the book examines the major CIS countries: Belarus, Kazakhstan, Russia and the Ukraine. (The new Eastern European EU members are also frequently referenced for comparison purposes.) Current and prospective monetary policy options are considered and the applicability of the EU monetary integration experience for the CIS countries and the prospects of a monetary re-unification around the Russian Federation are assessed. This is the first book to formally deal with many of these questions.
Contents: The Periphery of the Euro. An introduction, Lúcio Vinhas de Souza and Philippe De Lombaerde. EU Enlargement and Euroization: International capital markets and exchange rate stabilization in the CIS and East Asia, Gunther Schnabl; From the planned economy to independent monetary policy: a study of the Baltic Countries' decisions and developments, Ulvi Vaarja; The credibility problem of Euro candidates, Romain Veyrune. Russia and CIS: Principles of monetary integration and their relevance for the CIS, Olga Butorina; Credibility of CIS exchange rate policies, Christian Bauer and Bernhard Herz; Monetary policy rules for Russia, Akram Esanov, Christian Merkel and Lúcio Vinhas de Souza. Belarus: Monetary Union between Belarus and Russia: testing for convergence of monetary policy, Igor Pelipas and Irina Tochitskaya; A common currency for Belarus and Russia?, Anne-Marie Gulde, Etibar Jafarov and Vassili Prokopenko; Russian and Belarus monetary union: problems and perspectives of creation, Vladimir Chaplygin; Money and prices in Belarus: information content of different monetary aggregates, Igor Pelipas. Ukraine: Effects of the shadow economy in Ukraine: an analysis using a macroeconomic model, Bas van Aarle, Eelke de Jong and Robert Sosoian; Determinants of inflation in Ukraine: a cointegration approach, Nina Leheyda; Monetary and exchange rate developments in Ukraine: present and future, Olena Bilan; Index.