10451. The Case for a Russian Currency Board System
- Author:
- Steve H. Hanke
- Publication Date:
- 10-1998
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The devaluation of the Russian ruble this year was predictable, especially considering Russia's poor monetary history. State-manipulated money has been a Russian hallmark since the time of Peter the Great and shows that the country's money problems are endemic and do not depend on who controls the central bank. Czarist, Soviet, and post-Soviet governments have used the central bank printing press to finance deficit spending, resulting in high inflation, confiscation of savings, capital controls, or a combination of the three.
- Topic:
- Economics and International Political Economy
- Political Geography:
- Russia, Europe, Asia, and Soviet Union