Abstract
The management of the exchange rate by the Russian authorities obviously lacks both effectiveness and efficiency. “Black Tuesday” has vividly shown how vulnerable the rouble is to speculative attacks. In this article, a “classical” proposal is evoked and is discussed as an alternative to the present exchange-rate policy from the sustainability point of view.
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I am indebted for valuable comments to Silke Gehle, Uwe Greiner, Volker Hofmann, Axel Jochem, Henrich Maaß and to Juuso Vataya, who discussed with me an earlier version at the University of Vaasa, Finland.
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Sell, F.L. Stabilizing the rouble: Is there a case for a new Fisher rule?. Intereconomics 30, 31–35 (1995). https://doi.org/10.1007/BF02926359
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DOI: https://doi.org/10.1007/BF02926359