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Collapse of the Ruble zone and its lessons

This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993.

By: Date: March 15, 2017 Topic: Global Economics & Governance

This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993. The second section of this paper is devoted to demise of CMEA and TR. The third section describes the collapse of the ruble area in the former USSR based on my earlier publication (Dabrowski 1995). The fourth section analyses macroeconomic consequences of monetary disintegration in the former USSR; and the fifth section examines the policy lessons that can be drawn from both episodes.

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Policy Contribution

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Central Asia at 25

After a decade of growth based on hydrocarbon booms, Central Asian countries are faced with increasing challenges to complete their transitions to a market economy and towards economic development and integration.

By: Uuriintuya Batsaikhan and Marek Dabrowski Topic: Global Economics & Governance Date: May 5, 2017
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Upcoming Event

Oct
2
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Europe and Japan: Monetary policies in the age of uncertainty

This event is co-organised by Bruegel and the Kobe University Graduate School of Economics.

Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Past Event

Past Event

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.

Speakers: Pablo Zalba Bidegain, Maria Demertzis, Fernando Fernandez, Javier Méndez Llera, Karl Pichelmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 6, 2017
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Blog Post

Alicia García-Herrero

Who would bet on currency unions after EMU crisis?

The European Monetary Union (EMU) was founded with the idea that nominal convergence would bring real convergence, but structural differences between members have proven wide enough to generate lasting asymmetric negative shocks across the euro area.

By: Alicia García-Herrero and David Martínez Turégano Topic: Global Economics & Governance Date: March 29, 2017
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Blog Post

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Why was the last TLTRO take-up unexpectedly high?

The final round of TLTRO financing was an unexpected hit with euro area banks. The aim of the programme is to encourage banks to increase lending to the real economy. However, with many now expecting a hike in deposit rates, banks’ enthusiasm might be driven largely by the chance to make a profit from the cheap loans.

By: Justine Feliu Topic: European Macroeconomics & Governance Date: March 27, 2017
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Working Paper

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Fundamental uncertainty and unconventional monetary policy: an info-gap approach

This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism.

By: Yakov Ben-Haim, Maria Demertzis and Jan Willem van den End Topic: European Macroeconomics & Governance Date: February 28, 2017
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Blog Post

Silvia Merler

Is Germany a currency manipulator?

What’s at stake: the Financial Times reports that Peter Navarro, head of the US’s National Trade Council, has accused Germany of currency manipulation. He claims that the country uses a 'grossly undervalued' Euro to 'exploit' its trading partners. Angela Merkel replied that the Euro is managed by the European Central Bank, on which Germany does not exert influence. We review what the economic blogosphere thinks of this.

By: Silvia Merler Topic: Global Economics & Governance Date: February 6, 2017
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Blog Post

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Demonetisation: India’s stress test

What were the reasons for the Indian government's sudden decision to remove 86% of hard currency from circulation? Will Modi's monetary intervention achieve its stated aim of fighting corruption? And what will be the wider implications for growth?

By: Suman Bery Topic: Global Economics & Governance Date: January 30, 2017
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Blog Post

Silvia Merler

Monetary policy at the time of elections

What’s at stake: At this week’s meeting, the Federal Reserve left interest rates unchanged. While this was largely expected, the economic blogosphere has been discussing whether and to what extent this is linked to the election, and what can be expected for the future.

By: Silvia Merler Topic: Global Economics & Governance Date: November 7, 2016
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External Publication

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Currency crises in post-Soviet economies — a never ending story?

This paper offers an updated and comprehensive analysis of the currency crises in Russia and the former Soviet Union economies.

By: Marek Dabrowski Topic: Global Economics & Governance Date: October 18, 2016
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Opinion

Guntram B. Wolff

EZB-Chef Draghi enteignet die Sparer nicht

Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe Renditen europäischer Sparer zu sorgen. Kapitalerträge hängen von guten wirtschaftlichen Strukturen ab - und für die sind andere verantwortlich.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 30, 2016
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Policy Contribution

pc15_16European Parliament

Low long-term rates: bond bubble or symptom of secular stagnation?

Yields on European sovereign bonds have reached historically low levels in 2016. This secular decline in long-term sovereign yields is not limited to the euro area. Why are interest rates currently so low? Are low long-term trates justified by fundamental factors or is it an artificial phenomenon?

By: Grégory Claeys Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: September 26, 2016
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