<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">mttp</journal-id><journal-title-group><journal-title xml:lang="ru">Международная торговля и торговая политика</journal-title><trans-title-group xml:lang="en"><trans-title>International Trade and Trade Policy</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2410-7395</issn><issn pub-type="epub">2414-4649</issn><publisher><publisher-name>ФГБОУ ВО "Российский экономический университет им. Г.В. Плеханова"</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.21686/2410-7395-2023-2-72-84</article-id><article-id custom-type="elpub" pub-id-type="custom">mttp-600</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ЭКОНОМИКА ЗАРУБЕЖНЫХ СТРАН</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>ECONOMY OF FOREIGN COUNTRIES</subject></subj-group></article-categories><title-group><article-title>ФИКСИРОВАННЫЕ ДЕНЕЖНЫЕ РЕЖИМЫ – ДЕБАТЫ И АРГУМЕНТЫ (продолжение)</article-title><trans-title-group xml:lang="en"><trans-title>FIXED MONETARY REGIMES – DEBATES AND ARGUMENTS (Continued)</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Неновски</surname><given-names>Н.</given-names></name><name name-style="western" xml:lang="en"><surname>Nenovsky</surname><given-names>N.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Николай Неновски, доктор экономических наук, профессор</p><p>80025</p><p>улица Сен-Леу, 76</p><p>О-де-Франс</p><p>Амьен</p><p>Болгария</p><p>София</p></bio><bio xml:lang="en"><p>Nikolay Nenovsky, Doctor of Economics, Professor</p><p>Economics, Finance, Management and Innovation Laboratory (LEFMI)</p><p>80025</p><p>Hauts-de-France</p><p>Amiens</p><p>Bulgaria</p><p>Sofia</p></bio><email xlink:type="simple">nenovsky@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Фодо</surname><given-names>А.</given-names></name><name name-style="western" xml:lang="en"><surname>Faudot</surname><given-names>A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Адриен Фодо, доцент, преподаватель IUT</p><p>кафедра экономики</p><p>26000</p><p>IUT Valence</p><p>ул. Бартелеми де Лаффемас, 51</p><p>Гренобль</p><p>Валанс</p></bio><bio xml:lang="en"><p>Adrien Faudot, Associate Professor of Economics, IUT teacher</p><p>26000</p><p>51 Rue Barthelemy de Laffemas</p><p>Valence</p><p>Grenoble</p></bio><email xlink:type="simple">adrien.faudot@univ-grenoble-alpes.fr</email><xref ref-type="aff" rid="aff-2"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Университет Пикардии Жюля Верна; Болгарский национальный банк</institution><country>Франция</country></aff><aff xml:lang="en"><institution>University of Picardy Jules Verne; Bulgarian National Bank</institution><country>France</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru"><institution>Университет Гренобль-Альпы, CREG</institution><country>Франция</country></aff><aff xml:lang="en"><institution>University of Grenoble Alpes, Center of Research in Economics of Grenoble (CREG)</institution><country>France</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>11</day><month>06</month><year>2023</year></pub-date><volume>9</volume><issue>2</issue><fpage>72</fpage><lpage>84</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Неновски Н., Фодо А., 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Неновски Н., Фодо А.</copyright-holder><copyright-holder xml:lang="en">Nenovsky N., Faudot A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://mttp.rea.ru/jour/article/view/600">https://mttp.rea.ru/jour/article/view/600</self-uri><abstract><p>   Статья является продолжением опубликованного ранее в журнале материала (Фиксированные денежные режимы – дебаты и аргументы // Международная торговля и торговая политика. – 2023. – Т. 9. – № 1 (23). – С. 22–35). Во второй части статьи рассматриваются особенности конкретных проявлений типов институциональных решений в рамках фиксированных обменных курсов. Представлены основные проблемы, возникающие при согласовании независимых национальных валютных курсов. Подробно описаны четыре институциональных и организационных решения проблем координации, а именно: краткосрочный контроль за движением капитала, валютное управление и односторонняя долларизация (евроизация), а также клиринговый союз. Обсуждаются преимущества и недостатки указанных решений.</p></abstract><trans-abstract xml:lang="en"><p>   The article elaborates material published earlier in the journal (Fixed Monetary Regimes – Debates and Arguments // International Trade and Trade Policy, 2023, Vol. 9, N 1 (33), pp. 23–35). The second part of the article examines the features of specific manifestations of types of institutional decisions within the framework of fixed exchange rates. The main problems arising in the coordination of independent national exchange rates are presented. Four institutional and organizational solutions to coordination problems are described in detail, namely: short-term capital movement control, currency management and unilateral dollarization (euroization), as well as a clearing union. The advantages and disadvantages of these solutions are discussed.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>фиксированные валютные режимы</kwd><kwd>обменный курс</kwd><kwd>международные валютно-финансовые отношения</kwd><kwd>денежно-кредитная политика</kwd><kwd>валюта</kwd></kwd-group><kwd-group xml:lang="en"><kwd>fixed monetary regimes</kwd><kwd>exchange rate</kwd><kwd>international monetary and financial relations</kwd><kwd>monetary policy</kwd><kwd>currency</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Blanchard O. Currency Wars, Coordination, and Capital Controls. International Journal of Central Banking, 2017, Vol. 13, Issue 2, pp. 283–308.</mixed-citation><mixed-citation xml:lang="en">Blanchard O. Currency Wars, Coordination, and Capital Controls. International Journal of Central Banking, 2017, Vol. 13, Issue 2, pp. 283–308.</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Bogetić Ž. Official Dollarization: Current Experiences and Issues. Cato Journal, 2000, Vol. 20, Issue 2, pp. 179–213.</mixed-citation><mixed-citation xml:lang="en">Bogetić Ž. Official Dollarization: Current Experiences and Issues. Cato Journal, 2000, Vol. 20, Issue 2, pp. 179–213.</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Camillieri Gilson M.-T. Policy Pre-Commitment and Institutional Design: a Synthetic Indicator Applied to Currency Boards, OECD working paper, 2002, No. 330.</mixed-citation><mixed-citation xml:lang="en">Camillieri Gilson M.-T. Policy Pre-Commitment and Institutional Design: a Synthetic Indicator Applied to Currency Boards, OECD working paper, 2002, No. 330.</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Davidson P. Reforming the world’s money. Journal of Post Keynesian Economics, 1992, Vol. 15, Issue 2, pp.153–179.</mixed-citation><mixed-citation xml:lang="en">Davidson P. Reforming the world’s money. Journal of Post Keynesian Economics, 1992, Vol. 15, Issue 2, pp.153–179.</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Desquilbet J.-B., Nenovsky N. Credibility and Adjustment: Gold Standards and Currency Boards Compared, William Davidson Institute Working Paper, 2004, No. 692.</mixed-citation><mixed-citation xml:lang="en">Desquilbet J.-B., Nenovsky N. Credibility and Adjustment: Gold Standards and Currency Boards Compared, William Davidson Institute Working Paper, 2004, No. 692.</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Edwards S. Milton Friedman and Exchange Rates in Developing Countries. NBER Working Paper, 2020, No. 27975.</mixed-citation><mixed-citation xml:lang="en">Edwards S. Milton Friedman and Exchange Rates in Developing Countries. NBER Working Paper, 2020, No. 27975.</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Fabris N., Vukajlovic-Grba D., Radunović T., Janković H. Economic Policy in Dollarized Economies with a Special Review of Montenegro. Working Paper, 2004, No 1.</mixed-citation><mixed-citation xml:lang="en">Fabris N., Vukajlovic-Grba D., Radunović T., Janković H. Economic Policy in Dollarized Economies with a Special Review of Montenegro. Working Paper, 2004, No 1.</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Guzman M., Ocampo J. A., Stiglitz J. E. Real Exchange Rate Policies for Economic Development. World Development, 2018, Vol. 110, pp. 51–62.</mixed-citation><mixed-citation xml:lang="en">Guzman M., Ocampo J. A., Stiglitz J. E. Real Exchange Rate Policies for Economic Development. World Development, 2018, Vol. 110, pp. 51–62.</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Hanke S. Currency Boards. Annals of Academy of Political and Social Science, 2002, Vol. 579, pp. 87–105.</mixed-citation><mixed-citation xml:lang="en">Hanke S. Currency Boards. Annals of Academy of Political and Social Science, 2002, Vol. 579, pp. 87–105.</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Helleiner E. Controlling Capital Flows “at Both Ends”: a Neglected (but Newly Relevant) Keynesian Innovation from Bretton Woods. Challenge, 2015, Vol. 58, Issue 5, pp. 413-427.</mixed-citation><mixed-citation xml:lang="en">Helleiner E. Controlling Capital Flows “at Both Ends”: a Neglected (but Newly Relevant) Keynesian Innovation from Bretton Woods. Challenge, 2015, Vol. 58, Issue 5, pp. 413-427.</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Heilperin M. A. International Monetary Economics. Longmans, Green, London, 1939.</mixed-citation><mixed-citation xml:lang="en">Heilperin M. A. International Monetary Economics. Longmans, Green, London, 1939.</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Heilperin M. A. Fixed Parities and International Order // PSL Quarterly Review, 1955, Vol. 8, Issue 33, pp. 80–85.</mixed-citation><mixed-citation xml:lang="en">Heilperin M. A. Fixed Parities and International Order // PSL Quarterly Review, 1955, Vol. 8, Issue 33, pp. 80–85.</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Ilzetzki E., Reinhart C. M., Rogoff K. S. Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold? The Quarterly Journal of Economics, 2019, Vol. 134, Issue 2, pp. 599–646.</mixed-citation><mixed-citation xml:lang="en">Ilzetzki E., Reinhart C. M., Rogoff K. S. Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold? The Quarterly Journal of Economics, 2019, Vol. 134, Issue 2, pp. 599–646.</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">James H. The Multiple Contexts of Bretton Woods, edited by N. R. Lamoreaux, I. Shapiro. The Bretton Woods Agreements: Together with Scholarly Commentaries and Essential Historical Documents. New Haven, CT, Yale University Press, 2019, pp. 254–272.</mixed-citation><mixed-citation xml:lang="en">James H. The Multiple Contexts of Bretton Woods, edited by N. R. Lamoreaux, I. Shapiro. The Bretton Woods Agreements: Together with Scholarly Commentaries and Essential Historical Documents. New Haven, CT, Yale University Press, 2019, pp. 254–272.</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Keynes J. M. Vol. XXV: Activities 1940–1944. Shaping the Post-War World: The Clearing Union. The Collected Writings of John Maynard Keynes, edited by D. E. Moggridge. London &amp; Basingstoke, UK: The Macmillan Press, 1980.</mixed-citation><mixed-citation xml:lang="en">Keynes J. M. Vol. XXV: Activities 1940–1944. Shaping the Post-War World: The Clearing Union. The Collected Writings of John Maynard Keynes, edited by D. E. Moggridge. London &amp; Basingstoke, UK: The Macmillan Press, 1980.</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Krugman P. The Case for Stabilizing Exchange Rates. Oxford Review of Economic Policy, 1989, No. 5 (3), pp. 61–72.</mixed-citation><mixed-citation xml:lang="en">Krugman P. The Case for Stabilizing Exchange Rates. Oxford Review of Economic Policy, 1989, No. 5 (3), pp. 61–72.</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">McKinnon R. Beggar-thy-Neighbor Interest Rate Policies. Journal of Policy Modeling, 2011, Vol. 33, Issue 5, pp. 759–775.</mixed-citation><mixed-citation xml:lang="en">McKinnon R. Beggar-thy-Neighbor Interest Rate Policies. Journal of Policy Modeling, 2011, Vol. 33, Issue 5, pp. 759–775.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">McKinnon R., Schnabl G. China's Exchange Rate and Financial Repression: The Conflicted Emergence of the RMB as an International Currency. China &amp; World Economy, 2014, Vol. 22, Issue 3, pp. 1–35.</mixed-citation><mixed-citation xml:lang="en">McKinnon R., Schnabl G. China's Exchange Rate and Financial Repression: The Conflicted Emergence of the RMB as an International Currency. China &amp; World Economy, 2014, Vol. 22, Issue 3, pp. 1–35.</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Magnin E., Nenovsky N. Dependent Monetary Regimes in the Balkans: Enlarging the “Varieties of Capitalism” Hypothesis. International Journal of Public Administration, 2020, April 14. doi: 10.1080/01900692.2020.1742157</mixed-citation><mixed-citation xml:lang="en">Magnin E., Nenovsky N. Dependent Monetary Regimes in the Balkans: Enlarging the “Varieties of Capitalism” Hypothesis. International Journal of Public Administration, 2020, April 14. doi: 10.1080/01900692.2020.1742157</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Moore B. J. A Global Currency for a Global Economy. Journal of Post Keynesian Economics, 2004, Vol. 26, Issue 4, pp. 631–653.</mixed-citation><mixed-citation xml:lang="en">Moore B. J. A Global Currency for a Global Economy. Journal of Post Keynesian Economics, 2004, Vol. 26, Issue 4, pp. 631–653.</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Nenovsky N., Hristov K. The new currency boards and discretion: empirical evidence from Bulgaria. Economic Systems, 2002, Vol. 26, Issue 1, pp. 55–72.</mixed-citation><mixed-citation xml:lang="en">Nenovsky N., Hristov K. The new currency boards and discretion: empirical evidence from Bulgaria. Economic Systems, 2002, Vol. 26, Issue 1, pp. 55–72.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Obstfeld M., Taylor A. M. International Monetary Relations: Taking Finance Seriously. Journal of Economic Perspectives, 2017, Vol. 31, Issue 3, pp. 3–28.</mixed-citation><mixed-citation xml:lang="en">Obstfeld M., Taylor A. M. International Monetary Relations: Taking Finance Seriously. Journal of Economic Perspectives, 2017, Vol. 31, Issue 3, pp. 3–28.</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Ostry J. D., Ghosh A. R., Chamon M., Qureshi M. S. Capital Controls: when and why? IMF Economic Review, 2011, Vol. 59, Issue 3, pp. 562–580.</mixed-citation><mixed-citation xml:lang="en">Ostry J. D., Ghosh A. R., Chamon M., Qureshi M. S. Capital Controls: when and why? IMF Economic Review, 2011, Vol. 59, Issue 3, pp. 562–580.</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Robinson J. Introduction to the Theory of Employment. 2&lt;sup&gt;nd&lt;/sup&gt; ed. London, Palgrave Macmillan, 1969.</mixed-citation><mixed-citation xml:lang="en">Robinson J. Introduction to the Theory of Employment. 2&lt;sup&gt;nd&lt;/sup&gt; ed. London, Palgrave Macmillan, 1969.</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Schwartz A. Currency Boards: Their Past, Present and Possible Future Role. Carnegie Rochester Conference Series on Public Policy, 1993, No. 39, pp. 147–187.</mixed-citation><mixed-citation xml:lang="en">Schwartz A. Currency Boards: Their Past, Present and Possible Future Role. Carnegie Rochester Conference Series on Public Policy, 1993, No. 39, pp. 147–187.</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">Schuler K. The Problem with Pegged Exchange Rates. Kyklos, 1999, Vol. 52, Issue 1, pp. 83–102.</mixed-citation><mixed-citation xml:lang="en">Schuler K. The Problem with Pegged Exchange Rates. Kyklos, 1999, Vol. 52, Issue 1, pp. 83–102.</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Toporowski J. Multilateralism and Regional Trade and Payments, edited by N. Levy J. Bustamante. London, Routledge, 2018, pp. 13–22.</mixed-citation><mixed-citation xml:lang="en">Toporowski J. Multilateralism and Regional Trade and Payments, edited by N. Levy J. Bustamante. London, Routledge, 2018, pp. 13–22.</mixed-citation></citation-alternatives></ref><ref id="cit28"><label>28</label><citation-alternatives><mixed-citation xml:lang="ru">Triffin R. The Evolution of the International Monetary System: Historical Reappraisal and Future Perspectives. International Finance Section, Department of Economics, Princeton University, 1964.</mixed-citation><mixed-citation xml:lang="en">Triffin R. The Evolution of the International Monetary System: Historical Reappraisal and Future Perspectives. International Finance Section, Department of Economics, Princeton University, 1964.</mixed-citation></citation-alternatives></ref><ref id="cit29"><label>29</label><citation-alternatives><mixed-citation xml:lang="ru">Vemengo M., Rochon L. P. Exchange Rate Regimes and Capital Controls. Challenge, 2000, No. 43 (6), pp. 76–92.</mixed-citation><mixed-citation xml:lang="en">Vemengo M., Rochon L. P. Exchange Rate Regimes and Capital Controls. Challenge, 2000, No. 43 (6), pp. 76–92.</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
