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Ruble overhang and ruble shortage: were they the same thing?

Article Abstract:

The inability of households to convert their financial assets into purchasing power is the root cause of the ruble overhang that plagued the Soviet Union during its final days and the ruble shortages suffered by its successor states during their tenure. These shortages eventually led to the demise of the ruble monetary zone. Forced savings served as a buffer to a ruble overhang for years, until potential demand for goods and services outstripped supply. Like the ruble overhang, the ruble shortage was also an overhang in purchasing power, exhibited in the desire to liquidate bank deposits in return for currency.

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Cash shortage in the Former Soviet Union

Article Abstract:

The cash shortage in the Former Soviet Union (FSU) in 1992 was caused by limited supply of rubles which can only be produced by the Russian Federation. The asymmetric monetary condition resulted in higher interest rates, low consumption and capital losses particularly for other member states. Although the cash shortage prevented inflation in the FSU from reaching hyperinflation levels, it also destabilized the monetary union in the region during the period.

Economic policy, Russia, Monetary policy, Money supply

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Privatization and price convergence: evidence from four markets in Kyiv

Article Abstract:

Research was conducted to investigate the development of prices of three products in four markets in Kyiv, Ukraine. An error-correction statistical tool was used to examine the implications of privatization and the increased market orientation using data covering Apr 12, 1993 to Dec 31, 1996. Findings show signs of price convergence and a trend leading to price differentials reduction and more market integration.

Prices, Privatization, Privatization (Business), Ukraine

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