A multilateral payments union for Eastern Europe?

Authors

  • P. BOFINGER

DOI:

https://doi.org/10.13133/2037-3643/10937

Keywords:

Shock therapy, liberalisation, gradual approach, Post-soviet transition, Payments union

Abstract

This paper attempts to assess the advantages and disadvantages of a payments union for the Eastern European member countries of the former Council for Mutual Economic Assistance (CMEA). The main question is whether CMEA countries should be subject to a ‘shock’ therapy of rapid liberalisation or whether a more gradual approach with restricted convertibility would be advisable. The author analyses the case for multilateralism versus bilateralism and proposes a tentative partial compromise solution.


JEL: P20, F33

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Published

2013-10-22

How to Cite

BOFINGER, P. (2013). A multilateral payments union for Eastern Europe?. PSL Quarterly Review, 44(176). https://doi.org/10.13133/2037-3643/10937

Issue

Vol. 44 No. 176 (1991)

Section

Editorial

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