부산대학교 도서관

In this article, the author says that if the ruble becomes demonetized as he expects, clearly the very first step on the road back from serfdom must be the remonetization of the Commonwealth of Independent States. Privatization, marketization, and the introduction of competition cannot be contemplated in an economy reduced to barter. None of the new governments in Commonwealth of Independent States commands sufficient confidence at the moment to be able to issue a currency that is credible to their own citizens let alone the rest of the world. If the initial monetary endowment is too large, the absolute price level generated in Commonwealth of Independent States will be too high from a purchasing-power parity perspective, so some new rubles will be converted into dollars until the lower quantity of new rubles left in Commonwealth of Independent States generates the appropriate absolute price level from a purchasing-power parity perspective. The worst case would arise it the endowment is far too large and it generates an absolute price level that causes all new rubles to be converted into dollars immediately.