Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many countries with IMF - supported adjustment programs. This paper analyzes policy...

This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian...