The IMF and Russia in the 1990's

IMF Working Papers, August 1, 2004

Source details

Canonical URL

The IMF and Russia in the 1990's

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Authors: John C. Odling-Smee
• Published: August 1, 2004
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451857344.001

Summary

• The 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.
• The IMF played a major role in transferring knowledge about macroeconomic policymaking and implementation.

Findings on IMF Influence and Limits

• Limited impact on overall fiscal policy.
• Limited impact on the major structural reforms.
• Positive impact on monetary policy.
• IMF influence constrained by the decisive role of Russian economic and political leadership.
• External political pressures: G-7 concerns weakened the IMF’s leverage.
• Counterfactual observation: a tougher IMF fiscal stance in 1996-98 might have yielded better outcomes.

Role in Knowledge Transfer and Capacity Building

• Major role in transferring knowledge about macroeconomic policymaking and implementation.
• IMF activities included policy advice, missions, technical assistance, and the work of the IMF Moscow office and IMF teams (as reflected in keywords).

Thematic Subjects and Keywords (as provided)

• Subjects: 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

Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/the-imf-and-russia-in-the-1990-s-17527

Content in this bundle

• The IMF and Russia in the 1990s, by John Odling-Smee
  • The IMF and Russia in the 1990s, by John Odling-Smee (Markdown version)
  • The IMF and Russia in the 1990s, by John Odling-Smee (PDF)