Bilateralism and Convertibility in the System of the CMEA Foreign Exchange Relations

• Autorzy: Piotr Przybylski
• Języki publikacji: EN

Abstrakty

EN

The system of payments in the socialist countries as it developed after World War II was in its first stage of development a domain of bilateral clearing agreements. All intra-bloc trade and payments as well as the trade and payments with the rest of the world (exept the USA and other members of the socalled dollar zone) were arranged on bilateral basis. Similar situation took place in the late fourties in Western Europe as a consequence of currency inconvertibility and dollar shortage. But in 1950 the European Payments Union was formed by West-european Countries as the multilateral clearing arrangement with the Bank of International Settlements in Basle as the clearing agent of the Union and the US dollar as a formal unit of account in which intra-West-European receipts and payments were denominated as claim against the clearing union (EPU). The nature of socialist countries' bilateral clearing was under the conditions of planned economy quite different from that of bilateral clearing of capitalist countries. Particularly, in mutual relations of socialist countries the bilateral clearing had special features, since the bilateral trade agreements concluded by the governments were something like a continuation of internal economic plans in the sphere of foreign relations. As a part of central foreign trade plans the bilateral agreement was obligatory in the value of deliveries for both partners i.e. governments and foreign trade enterprises as sole export and import agencies of both countries. The flexbility of deliveries during accounting period (one year) was guaranted by the unlimited technical credit on bilateral clearing accounts. (fragment of text)

Słowa kluczowe

PL

Rozliczenia międzynarodowe; Międzynarodowy system walutowy; Polityka walutowa; Waluta międzynarodowa; Wymienialność waluty; Handel międzynarodowy

EN

International settlements; International monetary system; Exchange rate policy; International currency; Currency convertibility; International trade

• Czasopismo: Zeszyty Naukowe. Seria 1 / Akademia Ekonomiczna w Poznaniu
• Rocznik: 1990
• Numer: nr 169 Changes and tendencies in economic relations of East-European countries
• Strony: 74-84

Twórcy

autor

Piotr Przybylski

Bibliografia

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• J. Wesołowski, System walutowy krajów RWPG, PWE, Warszawa 1977.
• K. Holopainen, The Payment System between Finland and the Soviet Union, Bank of Finland, 16.12.1980 (unpublished paper).
• P. Spacek, Convertibility in the System of CMEA Foreign Exchange Relations, Soviet and Eastern European Foreign Trade No. 1, 1981.
• R.I. McKinnon, Money in International Exchange. The Convertible Currency System. Oxford University Press, Oxford 1979.