IMF Working Papers

The IMF and Russia in the 1990's

ByJohn C. Odling-Smee

August 1, 2004

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John C. Odling-Smee "The IMF and Russia in the 1990's", IMF Working Papers 2004, 155 (2004), accessed 12/11/2025, https://doi.org/10.5089/9781451857344.001

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper explains the IMF's impact on economic policies in Russia, focusing on where the IMF made a difference. The Russian economic and political leadership essentially determined economic policies. The IMF's influence was modest: it had only a limited impact on overall fiscal policy and the major structural reforms, but it had a positive impact on monetary policy. A tougher position on fiscal policy in 1996-98 might have produced a better outcome. The G-7's concerns weakened the IMF. However, the IMF played a major role in transferring knowledge about macroeconomic policymaking and implementation.

Subject: Correspondent banking, Financial services, Fiscal policy, Government debt management, Macrostructural analysis, Public financial management (PFM), Revenue administration, Structural reforms

Keywords: Correspondent banking, economic policy, Economic transition, exchange rate, Global, Government debt management, IMF advice, IMF disbursement, IMF leadership, IMF lending, IMF leniency, IMF mission, IMF Moscow office, IMF Policy advice, IMF staff, IMF team, IMF technical assistance, IMF view, International Monetary Fund, macroeconomic policy, market economy, monetary policy, Russia, Structural reforms, worldwide TA provision, WP

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