The Economics of Russian Transition

Publication date
Saturday, 19.04.2003

V. Mau Ye. Gaidar S. Sinelnikov A. Ulyukaev G. Trofmov S. Arkhipov S. Batkibekov S. Drobyshevsky M. Dombrovsky A. Radygin N. Shmeleva I. Doronin A. Zakharov E. Serova I. Rozhdestvenskaya S. Shishkin I. Starodubrovskaya Yu. Bobylev E. Gavrilenkov O. Izryadnova N. Volovik N. Leonova S. Prihodko N. Smirnov I. Kolosnitsin B. Granville O. Dynnikova G. Shapiro T. Koval O. Lugovoy E. Shkrebela S. Fischer



The end of the Cold War saw an unprecedented number of countries changing economic policies at the same time. One result has been the emergence of a new field of economics, postcommunist transformation theory. Written by prominent Russian analysts, the essays in this book discuss the economic policy problems that confront postcommunist countries. Most chapters focus on liberalization of the exchange rate and trade system, macroeconomic stabilization, and institutional reform. They also look at various policy options that have been pursued and their results. Underlying the book is the assumption that the transition to a market economy is both irreversible and the best path to sustained growth in Russia.

  • Foreword. By Prof. Stanley Fischer.
  • Introduction Economic reforms and revolution

1. Way out of communism
2. Revolution and state power
3. Revolutionary economic crisis
4. Revolutionary transformation in contemporary Russia



Introduction: Economic Relorms and Revolution 1 - 5

Vladimir Маu

1. Exit from Communism 1
2. Revolution and the State 1
3. Revolutionary Economic Crisis 7

1 Preconditions lor the Postcommunist Translormation 17

1 The Inevitability of Collapse of the Socialist Economy 19
   Yegor Gaidar
   1.1. Stability of the Socialist Economic System 19
   1.2. Characteristics 01 the Socialist Model of Economic
          Development 21
   1.3. Internal Constraints оп Long-Тетт Development 01
          the Economic System 23
   1.4. Several Options {от Relorming the Socialist Economy 25
   1.5. Signs 01 Exhaustion о! the Growth Model 28

2 The Logic and Nature 01 the Soviet Economic Crisis 31-44

 Vladimir Маu
   2.1. The Reforms о! Late Socialism 31
   2.2. Ideology and the Relorm Program 33
   2.3. The Practical Problem of Improving the Есопоrniс
          Mechanism 36
  2.4. Есопоrniс Crisis аs а Crisis of the State 40

3 The Liberal Market Reform Program 45 -61
Sergei Sinelnikov-Murylev and Alexei Uluykaev
   3.1. Тhe Range of Opposing Views 45
   3.2. Debates оп How to Achieve Financial Stabllization 46
   3.3. The Socioeconomic Situation оп the Eve of Reforms 50
   3.4. The Need to Accelerate Reforms 53
   3.5. Russia's Progress Toward Economic Independence 55
   3.6. The Essence of Socioeconomic Reforms in Russia's
          Transition Period 58
   3.7. Cutting the Budget Deficit 60

II Macroeconomic Processes and Economic Роliсу of
    Postcornrnunist Russia-Main Stages 63

4 General Macroeconornic Problems of the Postsocialist Transition
in Russia 65 - 87
Sergei Sinelnikov-Murylev and Georgy Trofimov
   4.1. Financial Relations and Their Рlасе in the Analysis of the
         Transition Есоnomy 65
   4.2. Predeterrninacy of Economic Reforms in Russia 66
   4.3. Price Liberalization: А "Shock" in the System of Gradual
          Reforms 68
   4.4. Political Restrictions and Delayed Stabllization 72
   4.5. Аn Unorthodox Version of Orthodox Stabllization 74
   4.6. Тhe Fiscal Crisis 79
   4.7. Conditions and Factors of Economic Growth 85

5 Macroeconornic Stabllization ае а Sociopolitical Problem 89 - 103
   Vladimir Mau
   5.1. Delayed Stabllization 89
   5.2. Consolidation of Opposing Factions: Inflationists versus
         Anti-inflationists 92
   5.3. The Changing Ваlапсе of Forces 94
   5.4. Constitutional Problems of Macroeconomic
          Stabllization 98

6 Problems 01 Macroeconomic Stabilization аt the Stage of
   Economic Liberalization (1992) 105 - 126
  Sergei Sinelnikov-Murylev and Georgy Trofimov
   б.1. Tight Budgetary Policy and the Liquidation of Monetary
          Overhang 105
   б.2. Тhe Strengthening of Populism and Weakening of Fiscal
          Policy 107
   б.3. Monetary Policy and Credit Policy in 1992 111
   б.4. The Attempt to Change Fiscal Strategy in the Absence 01
          Coordinated Government and Central Bank Actions 11б
   б.5. Reconstruction 01 the State's Revenues and
          Expenditures 118

7 Formation 01 the Preconditions lor Financial Stabilization 127 - 157
   Sergei Sinelnikov-Murylev and Georgy Trofimov
   7.1. Influence of Political Factors оп State Finances 128
   7.2. Monetary Policy and Credit Policy in 1993 131
   7.3. Reduction 01 Budget Expenditures After the Constitutional
         Crisis of 1993 135
   7.4. Reconstruction of the 1993 Budget 138
   7.5. Slowing Fiscal Relorms: А "Moderately Tight" Policy 139
   7.б. Some Peculiarities of the Budget Process of 1994 145
   7.7. Reconstruction of the 1994 Budget 149
   7.8. Toward а Тight Fiscal Policy 154
   7.9. Monetary Policy and Credit Policy in 1994 155

8 Financial Stabilization in Russia 159 - 181
   Vladimir Маu, Sergei Sinelnikov-Murylev, and Georgy Trofimov
   8.1. Political Preconditions for Financial Stabilization 159
   8.2. Тhe Monetary Program for 1995 161
   8.3. Budget Policy During Financial Stabilization 1б3
   8.4. Tightening Monetary Роliсу and the Inertia of
          Inflation 170
   8.5. Тhe Role of the Exchange Rate in Achieving
         Stabilization 174
   8.б. The Strengthening of the Real Ruble Exchange Rate 177
   8.7. The Crisis оп the Interbank Market 179

9 Macroeconomic Stabilization and the Political Process: The Yеаr
   of the Presidential Elections 183 - 222
Vladimir Mau, Sergei Sinelnikov-Murylev, and Georgy Trofimov
   9.1. Political Uncertainty and the Economy 183
   9.2. Macroeconomic Problems of the 1996 Electoral
          Contest 185
   9.3. Government Economic Роliсу in Conditions of Electoral
          Uncertainty 201
   9.4. Economic Роliсу After the Presidential Election 207
   9.5. The Phenomenon of Delayed Growth 220

10 Macroeconomic Stabilization and Fiscal Crisis 223
Sergei Arkhipov, Said Batkibekov, Sergei Drobyshevsky, V1adimir Mau,Sergei Sinelnikov-Murylev, and Alexei Uluykaev
   10.1. The Political and Economic Situation: А New Window of
           Opportunity 223
   10.2. The Main Areas of Government Activity and the Reaction
            of the Legislature 226
   10.3. Government Finance 228
   10.4. А Breakdown of the 1997 Budget 235
   10.5. Monetary and Credit Роliсу 235
   10.6. А New Threat to Reforms оп the Rise 242
   10.7. The Situation оп the Currency and Stock Markets 244

11 The Crisis of the Russian Financia! System: Кеу Factors,
     Economic Policies, and Initial Results 251 - 308
    Sergei Arkhipov, Said Batkibekov, Sergei Drobyshevsky, Tatiana Drobyshevskaia, Vladimir  Mau, Sergei Sinelnikov-Murylev,and Ilуа Trounin
    11.1. Evolution of the Russian Financial Crisis in 1997-1998 251
    11.2. Principal Factors Behind the 1998 Financial Crisis 262
    11.3. The Economic and Political Fallout of the Financial Crisis 274

12 Financial Роliсу in 1999 309 - 374
    Sergei Arkhipov, Said Batkibekov, Tatiana Drobyshevskaia, Sergei Drobyshevsky, Olga Izryadnova, Sergei Sinelnikov-Murylev and Ilуа Trounin
    12.1. Bаlаnсе of Payments, Monetary Policy, and Real Ruble
             Exchange Rate 311
    12.2. Trends in the Real Sector of the Economy: Revival of
             Export-Generating and Import-Substituting Industries 330
    12.3. The Budgеt 347
    12.4. Social Effects of the Stabilization Роliсу 363
    12.5. Medium-Term Limitations of the Economic Роliсу 366

13 The Fаllоut of Russia's Financial Crisis on its Neighbors 375
     Marek Dabrowski
    13.1. Overview 375
    13.2. Fundamental Flaws of the Transformation Process in CIS
            Countries 377
    13.3. The Shock in Foreign Trade and the Real Sector 380
    13.4. Contagion Effect оп Financial Markets 383
    13.5. The Psychological Factor 385
    13.6. Economic Implications of the Crisis 386
    13.7. Summary and Conclusions 390

III Institutiona! Reforms in the Russian Есопоmу 393

14 Privatization, Ownership Redistribution, and Formation of the
Institutional Bаsis for Economic Reforms 395 - 459
Alexander Radygin
     14.1. Ownership and Privatization: Pre!iminary Methodo!ogica!
              Notes 395
     14.2. Privatization Mode!s in Transitional Economies: А
             Comparative Analysis 404
    14.3. The Russian Privatization Model 412
    14.4. Major Stages and Results of the Postprivatization
             Ownership Redistribution 429

15 Main Corporate Govemance Mechanisms and Тheir Specific
Features in Russia 461 - 542
Alexander Radygin and Natalia Shmeleva
    15.1. Corporate Govemance in а Transition Economy:
             Preliminary Methodological Notes 461

    15.2. Internal Mechanisms 464
    15.3. General Legislative Situation 468
    15.4. The Corporate Securities Market 471
    15.5. Bankruptcy Procedures 478
    15.6. The Market of Corporate Control (Takeovers) 482
    15.7. Existlng Instruments of Corporate Соуеrnаnсе in State-Owned Enterprises and Their             Effectiveness 485
    15.8. State-Owned Holdlngs and Financial-Industrial Groups 491
    15.9. Conclusion: New Institutional Reform for Long-Term
             Economic Growth 504

16 Russian Banks in the Transition Period 511
Igor Doronin and Alexander Zakharov
   16.1. The Emergence of the Contemporary Banking System in
            Russia 511
   16.2. Concentration of Capital in the Banklng Sector 515
   16.3. The Functions of Russian Commercial Banks 519
   16.4. Commercial Banks and the Real Sector of the
            Есоnоmу 521
 16.5. Stability of the Russian Banklng System 527
 16.6. Monetary and Credit Instruments for Regulating Banks'
          Liquidity 533
 16.7. The Creation of а System for Regulating and Monitorlng
          Bank Activities 537

17 Institutional Reforms in the Agro-Industrial Complex 543
      Natalia Karlova, Irina Кhramova, Eugenia Serova, and Tatiana Tikhonova
    17.1. Reform of the Agricu1tural Sector and the Fundamental
             Aims 543
   17.2. Institutional Reforms in Agriculture 546
   17.3. Institutional Reforms in the Downstream Sector 556
   17.4. Formation of аn Agricu1tural Credit System 563
   17.5. The System of State Support for Agricu1ture 574
   17.6. Reform of Foreign Trade Regulation of the Agro-Industrial
           Complex 581
   17.7. Conclusions 583

18 Institutional Reforms in the Sосiосultшаl Sphere 585
Irina Rozhdestvenskaya and Sergei Shishkin
   18.1. The Need for Reform in Sосiосultшаl Fields 585
   18.2. Тhe State and Special Interest Groups in the Sociocultural
            Sphere 587
   18.3. Тhe Switch from Free Care to Health Insuarаnсе: Тhe
            Ideology and Aims of Health Reform 589
   18.4. Practical Introduction of the New System to Finance the
            Health Sector 593
   18.5. Institutional Changes in Education 599
   18.6. Institutional Reforms in Сultural Institutions 602
   18.7. Shadow Privatization in the Social Sphere 605
   18.8. Commercialization of Sосiосulturаl Institutions 607
   18.9. Evolution of the Sociocultural Sectors in the Years of
            Reform 608

19 Reform in Housing and Public Utilities 617 - 634
Irina Starodubrovskaya
    19.1. General Characteristics of Housing and Public Utilities in
             the Soviet Period 617
    19.2. TheConcept ofReforminHousing andPublic Utilities 619
    19.3. Results of the Reform in Housing and Utilities: 1994-
             1997 622
    19.4. А New Stage of Reform: 1997-1999 628

IV Real Sector of the Economy: Adaptation Problems 635

20 General Trends in the Real Sector in the Reform Period 637 - 674
Evgeni Gavrilenkov and Olga Izryadnova
    20.1. Principal Development Tendencies and Factors of
             Economic Restructuring 637
    20.2. Production and Use of the GDP 645
    20.3. Restructuring the Real Sector of the Economy 656
    20.4. Investment in the Period of Market Reforms 664

21 Deve!opment Specifics of Rea! Sector Industries 675 - 686
Yuri Bobylev and Eugenia Serova

22 Internationa! Business in the Period of Market Reforms 687
Natalia Leonova, Sergei Prikhodko, and Nadezhda Volovik
    22.1. Liberalization of Foreign Trade: Results and Prospects 687
    22.2. Consequences of the Policy of Foreign Trade Privileges
             and Preferences 698
    22.3. Commodity Composition of Russia' s Foreign Trade 698

V The Social Price of Reforms 715

23 Certain Trends in the Evo!ution of the Labor Market 717
Alexander Smirnov
   23.1. Forecasts That Went Wrong 717
   23.2. Part-ТiПlе Emp!oyment: Objective Data and Subjective
            Interpretation 720
   23.3. Registered Labor Market Indicators 722
   23.4. Regional Labor Markets 724
   23.5. Workforce Movement: Sectoral Aspects 725
   23.6. Еmployment Роliсу Financing 733

   24 Househo!d Income in the Period of Economic Reforrns 737
  Igor Kolosnytsyn
   24.1. Socioeconomic Differentiation of the Popu!ation in Russia,
           1992 Through 1999 737
   24.2. Poverty Line Changes 742
   24.3. Impact of Inflation оп Nomina! Assets of Households; Inflation and Poverty 747
   24.4. Postscript 750

VI Economic Reform and PubIic Opinion Dynamics 753
25 Кеу Trends in the Population's Attitudes Toward Market
     Reforms 755
Tatiana Koval
   25.1. Оп the Thresho!d of Reforrns 755
   25.2. ТЬе First Stage of Economic Transformation 756
   25.3. Privatization and Private Property in Russians' Eyes 761
   25.4. Evolution in Attitudes Toward the Economic Reform and
            Government (1993-1997) 769

26 Some Conclusions 789 - 838
Yuri Bobylev, Revold Entov, Olga !zryadnova, Vladimir Маu, Sergei Prikhodko, Alexander Radygin, Eugenia Serova, Sergei Sinelnikov-Murylev, and Sergei Tsukhlo
    26.1. Russia's Economic Po1icy а! the Beginning of the New
            Phase of Economic Reforms 789
    26.2. Russia' s Economic Development in the Year 2000: Major
            Outcomes 808

Appendix I Modeling Inflation Dynamics, 1992 Through 1998 839 - 853
Sergei Drobyshevsky

Appendix II Arrears: А Macroeconomic Analysis 855
Oleg Lugovoy
   II.1. Macroeconomic Model of Arrears 855
   II.2. Empirical Testing of the Hypotheses 858
   II.3. Growth Rates of the Money Supply 863
   II.4. Stability of Coefficients and Forecast Qualities of the
          Model 869
   II.5. Elasticities 875
   II.6. Money Supply and Arrears: An Analysis Using Distributed Lags 876
   II.7. Conclusions 878

Appendix III Modeling Тах Revenues and the Тах Liabilities of
Russian Тахрауеrs 1992 Through 1998 881 - 909
Pavel Kadotchnikov and Sergei Sinelnikov-Murylev
   III.1. Кеу Factors Determining Тах Liability Dynamics 881
   III.2. Modeling Aggregate Тах Revenues, Taking into Account
            the Specifics of Major Тах Payments 903
   III.3. Conclusions 907

Appendix IV Monetary Policy and the Expectations
Hypothesis оп the Russian Government Bond Market 911
Sergei Drobyshevsky
IV.1. The Data for the Study 913
IV.2. Analyzing the Properties of GKO Rate Time Series 916
IV.3. Monetary Policy Shocks and the Term Structure of GKO
        Yields 928
IV.4. Testing Hypotheses About the Term Structure of GKO
        Rates 943
IV.5. Conclusions 955

Appendix V Leading Indicators of the Russian Currency Crisis
in August 1998 959 - 971
Sergei Drobyshevsky
Statistical Appendix 973
Name Index 1001
Subject Index 1008
Table of contents (please note this is a preliminary, non-edited version)

Part I. Preconditions for the post-communist transformation

Chapter 1. On the inevitability of the demise of socialist economy

1.1 Stability of the socialist economic system
1.2 Peculiarities of the socialist model of economic development
1.3 Internal constraints for a long-term development of economic system
1.4 On the possibility of socialist economic reform

Chapter 2. Logic and nature of economic crisis in the USSR

2.1 Reforms during the period of late socialism
2.2 Ideology and reform programme
2.3 Modernisation of economic mechanism as a practical task
2.4 Economic crisis as a power crisis

Chapter 3. Programme of the liberal market-oriented reforms

3.1 The scope of disagreements
3.2 Discussion of the methods of implementation of financial stabilisation
3.3 Social and economic outlook on the eve of reforms
3.4 The need to promote the reform process
3.5 Russia approaching economic independence
3.6 The essence of social and economic transformations of the transition period in Russia


Part II. Macroeconomic processes and economic policy of post-communist Russia. Main stages

Chapter 4. General macroeconomic problems of the post-socialist transition in Russia

4.1 Financial links and their role in the analysis of transition economy
4.2 Inevitability of the economic reforms in Russia
4.3 Price liberalisation: shock measure in the system of gradual reform
4.4 Political constraints and a put-off stabilisation
4.5 Unorthodox variant of the orthodox stabilisation
4.6 Fiscal crisis
4.7 Conditions and factors of economic growth

Chapter 5. Macroeconomic stabilisation as social and political problem

5.1 Factors of a put-off stabilisation
5.2 Consolidations of the parties: pro-inflation supporters against anti-inflation ones
5.3 Shift in the balance of forces
5.4 Constitutional problems of macroeconomic stabilisation

Chapter 6. Macroeconomic problems during economic liberalisation (1992)

6.1 Tight budgetary policy during the liquidation of the monetary shed
6.2 Strengthening of populism and softening of financial policy
6.3 Monetary policy in 1992
6.4 Attempts at changing financial strategy with uncoordinated movements between the Government and the Central Bank
6.5 Reconstruction of public revenues and expenditures

Chapter 7. Formation of preconditions for the financial stabilisation

7.1 Influence of political factors on the state of public finance
7.2 Monetary policy in 1993
7.3 Reduction in budgetary obligations after 1993 constitutional crisis
7.4 Reconstruction of 1993 budget
7.5 Slowing down of the pace of transformations in financial sphere: "moderately tight" policy
7.6 Certain peculiarities of 1994 budget crisis
7.7 Reconstruction of 1994 budget
7.8 Aim at the tight financial policy
7.9 Monetary policy in 1994

Chapter 8. Financial stabilisation in Russia

8.1 Political preconditions for financial stabilisation
8.2 Monetary programme for 1995
8.3 Budgetary policy during the period of financial stabilisation
8.4 Tightening of monetary policy and inflationary inertia
8.5 The role of currency policy in achieving stabilisation
8.6 Increase in the real rouble value
8.7 Crisis in the inter-bank market

Chapter 9. Interdependence of the macroeconomic stabilisation and political processes. The year of Presidential elections in Russia

9.1 Political uncertainty and the economy
9.2 Macroeconomic problems of the 1996 election campaign
9.3 Government economic policy during the uncertainty of the election period
9.4 Economic policy after the presidential elections
9.5 The phenomena of the postponed growth

Chapter 10. Macroeconomic stabilisation and the fiscal crisis

10.1 Political and economic outlook: new "window of opportunities"
10.2 Main aspects of government actions and the reaction of the legislative power
10.3 Public finance
10.4 Reconstruction of the 1997 budget
10.5 Monetary policy
10.6 Increase of the new threat of the reform policy crisis
10.7 Currency and stock market overview

Chapter 11. Fiscal problems: Russia in the context of the international experience in the post-communist stabilisation

11.1 The legacy of the command economy
11.2 The first attempts at stabilisation
11.3 Further fiscal adaptation in the countries of Central Europe and the Baltic states
11.4 Central Europe: the trap set be the post-socialist social state
11.5 Fiscal outlook in the countries lagging behind in the implementation of reforms
11.6 Anatomy of the Bulgarian crisis
11.7 Conclusion


Part III. Institutional Reforms in Russian Economy

Chapter 12. Russian privatisation as a process for the formation of the institutional basis of economic reforms

12.1 Ideas, stages and results of privatisation
12.2 Privatisation models in transition economies: comparative characteristic
12.3 Russian privatisation model: the stage of non-economic transfer new ownership rights
12.4 Specificity of the money privatisation (post-voucher)
12.5 The policy of the government and the banks towards pawned stocks of a number of big enterprises
12.6 New phase in the property redistribution
12.7 Property structure and the interests of the stockholders in the context of residual sales

Chapter 13. Some institutional problems in the post-privatised development of Russian corporations

13.1 Efficiency of the privatised enterprises and the problems of management of publicly owned shares
13.2 Industrial-financial groups
13.3 Formation of the model of corporate governance
13.4 Institutional aspects of the development of corporate shares market, financial intermediaries

Chapter 14. Russian banks in transition period

14.1 Peculiarities of the emerging contemporary banking system in Russia
14.2 Capital concentration in the banking sector
14.3 Functions of Russia's commercial banks
14.4 Commercial banks and the real sector of the economy
14.5 The problems of reliability of Russia's banking system
14.6 Monetary instruments for regulating banks liquidity
14.7 Emerging system of regulation and control of banking activity
14.8 International aspect of the problem of stability of Russia's banking system

Chapter 15. Institutional reforms in agro-industrial complex

15.1 The need for the agrarian reform and its main tasks
15.2 Specifics of the agrarian reform in the countries with the different type of the economy
15.3 Institutional reform in agriculture
15.4 Institutional reforms in the market and food processing system (3rd sphere of AIC)
15.5 Formation of the credit system in agriculture
15.6 Formation of the state support system of agriculture
15.7 Reform of the foreign trade regulation of AIC

Chapter 16. Institutional reforms in social and cultural sphere

16.1 The need for reforms in the branches of social and cultural sphere
16.2 State and the groups of special interests in social and cultural sphere
16.3 Transition from the budget to insurance medicine: ideology and aims of the reform in health care
16.4 Practical introduction of the new system of financing health care
16.5 Checking of the reforms. Attempts at restoring the state system of health care
16.6 Institutional changes in the sphere of education
16.7 Institutional changes in the sphere of culture
16.8 Shadow privatisation in the social sphere
16.9 Commercial activity of entities in the social and culture sphere
16.10 Evolution of social and culture branches during the reform years
16.11 Directions for the necessary transformations

Chapter 17. Housing reform: features and consequences of the chosen model

17.1 General characteristic of the housing system in the Soviet period
17.2 Concept of the housing reform
17.3 Results of the housing reform in 1994-1997
17.4 New stage of the reform: what are the prospects?


Part IV. Crisis in the real sector of the economy

Chapter 18. General phenomena in the development of the real sector in the reform period

18.1 Main trends of development and factors of economic restructuring
18.2 Production of GDP and its use
18.3 Restructuring of the real sector of the economy
18.4 Investment process in the period of market-oriented reforms

Chapter 19. Branch peculiarities in the development of the real sector

19.1 Branches of industry during the period of market-oriented reforms
19.2 Agrarian production in the reform years

Chapter 20. Foreign economic activity in the period of market-oriented reforms

20.1 Liberalisation of foreign trade: results and prospects
20.2 Consequences of the policy of foreign trade preferences and privileges
20.3 Goods structure of Russia's foreign trade


Part V. Social costs of the reforms

Chapter 21. Some trends in the evolution of the labour market

21.1 Unrealised forecasts
21.2 Uncomplete employment: objective data and subjective interpretation
21.3 Indices of the registered labour market
21.4 Regional labour markets
21.5 Migration of labour: branch and regional aspects
21.6 Financing of the employment policy

Chapter 22. Population's income during the period of economic reforms

22.1 Social and economic differentiation of Russia's population in 1992-1997
22.2 Shift in the poverty line
22.3 Influence of the inflation on the nominal household income: inflation and poverty
22.5 Annex


Part VI. Economic reform and dynamics of the public opinion (1991-1997)

Chapter 23. First stage of economic reforms (1991-1993)

23.1 Start of liberal reforms
23.2 Influence of price liberalisation on the consumer market
23.3 Vouchers
23.4 Attitude towards private property and privatisation
23.5 From the April referendum to October events in 1993.
Evolution of the attitude towards economic reform and power

Chapter 24. Main trends in the attitude of the population towards
market transformations in the second stage of the reforms (1994-1997)

24.1 From the 1993 parliamentary elections to the 1995 parliamentary elections
24.2 Rating of the problems which worry the population
24.3 What is "to live normally?"
24.4 General dynamics of the evaluations of economic transformations

Chapter 25. Economic and political situation in Russia in 1999-2000.

Annex 1. Non-payments: macroeconomic analysis
Annex II. Non-payments: microeconomic analysis
Annex III. Inflation modelling in 1992-1995
Annex IV. Modelling of the inflation dynamics in 1992-1997
Annex V. Modelling of the money demand
Annex VI. Model of inflation dynamics and the interest rate in Russia in 1995 including the liquidity effect of the GKO-OFZ market
Annex VII. Model of the interest rate dynamics on state obligations


This book is the English version of "Russian Economics in Transition" monograph published in IET in 1998.

The Economics of Russian Transition
Edited by Yegor Gaidar
The MIT Press
Cambridge, Massachusetts
London, England

© 2003 Massachusetts Institute of Technology
ISBN 0-262-07219-X
HC340.12.E275 2003

To shop for your copy go to MIT PRESS special page


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