Stabilization and Structural Change in Russia, 1992-94
IMF Working Papers, January 1, 1995
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- Stabilization and Structural Change in Russia, 1992-94
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Bibliographic details
- Authors: Vincent Koen, Michael Marrese
- Published: January 1, 1995
- Series: IMF Working Papers
Overview
- Authors: Vincent Koen, Michael Marrese
- Publication date: January 1, 1995
- Series: Working Paper No. 1995/013
- Issue: 013
- Volume: 1995
- Pages: 32
- ISBN: 9781451842951
- ISSN: 1018-5941
- Note: "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."
Major findings and analysis
- Macroeconomic stabilization and structural reforms in Russia since 1992 have been proceeding in a rather chaotic fashion.
- The Russian variety of economic gradualism has seen a sharp decline in output, though less than indicated by official statistics.
- Household consumption has been relatively resilient despite the decline in output.
- Hyperinflation has been avoided so far by tightened financial policies, but remains a threat.
- Conventional macroeconomic wisdom on the relation between money, prices and output is relevant for Russia.
- Stabilization and structural change interact and are mutually reinforcing.
Policy implications and recommendations (implied by analysis)
- Maintain tightened financial policies to keep hyperinflation risk contained.
- Recognize and leverage the interaction between stabilization measures and structural reforms so that each reinforces the other.
- Apply conventional macroeconomic frameworks relating money, prices, and output to policy design in the Russian context.
Subject coverage and keywords
- Subject: Arrears, Correspondent banking, Economic sectors, External debt, Financial services, Inflation, Prices, Privatization, Real interest rates
- Keywords: Arrears, Central and Eastern Europe, Correspondent banking, enterprise behavior, enterprise manager, enterprise reform, exchange rate, Inflation, loss-making enterprise, Privatization, Real interest rates, service enterprise, single-enterprise town, WP
IMF Working Paper No. 1995/013, authors Vincent Koen and Michael Marrese, January 1, 1995.