Payment arrangements among economies in transition : the case of the CIS
Laurila, Juhani (27.03.1996)
Numero
1/1996Julkaisija
Suomen PankkiBank of Finland
1996
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201408113120Tiivistelmä
This article draws a historical perspective on clearing systems and payment unions examining their manifestations from simple barter systems to EMU.The introduction of commensurability, transferability and convertibility and their cost-saving effects are explained in formal terms and by means of numerical illustration. The prerequisites for introducing convertibility through clearing unions are discussed generally and in terms of the CIS.Based on the experiences of the Interstate Bank and the Finnish-Soviet clearing system, the author concludes that an arrangement similar to the European Payment Union would not, for a number of reasons, provide a viable solution for CIS clearing arrangements.Rather, the rapidly developing commercial banking sector and multi-CIS financial-industrial groups potentially have the capability to adequately accommodate the problem as long as members pursue sound monetary and foreign exchange rate policies. Keywords: clearing, payment union, CIS
Julkaisuhuomautus
Uudelleenjulkaistu pdf-muodossa 2002 (Idäntalouksien yksikön sarja)Reprint in PDF format 2002 (Unit for Eastern European Economies series)