Russian economy in 2001. Trends and Perspectives (Issue 23)

Publication date
Monday, 11.03.2002

V. Mau S. Batkibekov Yu. Bobylev S. Drobyshevksy O. Izryadnova O. Lugovoy S. Sinelnikov-Murylev D. Skripkin A. Shadrin Yu. Bobylev T. Logacheva S. Tsukhlo E. Ilyukhina T. Tikhonova E. Serova I. Khramova O Shik I. Dezhina N. Volovik N. Leonova S. Prikhodko E. Vatolkin E. Lyuboshits E. Khrustalev V. Tsymbal D. Popova I. Rozhdetsvenskaya S. Shishkin A. Radygin I. Sidorov N. Shmeleva E. Marushkina L. Mikhailov L. Sycheva E. Timofeev G. Malginov G. Sternik L. Anisimova E. Serova E. Shkrebela D. Levchenko N. Karlova

Russian Economy: Trends and Perspectives

The year 2001 concluded the first decade of post-Communist transformation, Russia’s development in a regime of market democracy. The period witnessed difficult and complex processes of the transforma-tion of Soviet socialism into a new society. A tortuous and contradictory path gave rise to acrimonious debate about the very nature of reform, its effectiveness and appropriateness, about whether there were alternative ways of meeting the challenges that the country was facing.


Introduction. Economic and Political Results for 2001and Prospects for Strengthening Economic Growth 7
Part 1. Monetary and Credit Sphere and Budget Sphere 27
1.1. Monetary and Credit Policy and International Monetary Policy 27
1.2. Balance of Payment 63
1.3. Government Finance 71
1.3.1. State Budget 71
1.3.2. Macroeconomic Forecast for 2001 and Comment on the Federal budget for 2002 104
1.3.3. Inter-Budgetary Relations and Sub-National Finances
1.4. The Russian financial markets 142
1.4.1. The public debt market 142
1.4.2. Municipal and subfederal debt market 149
1.4.3. The Russian stock market 170
1.4.4. The corporate bond market 186
Annex 1. Tax Reform and Outlook for Improvements in Tax Legislation 196
Part 2. The Real Sector 257
2.1. Production Macrostructure 257
2.2. The situation in the industrial sector 294
2.3. Investment processes in the real sector of the economy 322
2.4. Russian Agrifood Sector 346
2.5. The sphere of science and technology 374
2.6. Foreign economic activities 387
Annex 2. Foreign trade regulation 397
Annex 3. The results of the 2001 negotiations on Russia's accession to the WTO and future prospects 406
2.7. Economic problems at the new phase of defense reform in Russia 410
Part 3. Social sector 431
3.1. Residents finances. 431
3.2. Branches of social and cultural sector 434
Part 4. Institutional and microeconomic problems 459
4.1. Privatization 459
4.2. The State and Corporations 471
4.3. Sources of Financing in the Corporate Sector 491
4.4. Legal Innovations of 2001 in the Sphere of Corporate Governance 498
4.5. Banking Sector 506
4.6. Russian real estate market: the year of sustainable growth 538
Annex 4. Monetary policy in the countries with economies in transition in the year 2001 553


Editor-in-Chief: Ye. Gaidar
Editorial Board: S. Sinelnikov-Murylev, N. Glavatskaya
Texts by: Introduction: V. Mau Section 1: S.Batkibekov, Yu. Bobylev, S. Drobyshevksy O. Izryadnova, O. Lugovoy, S. Sinelnikov-Murylev, D. Skripkin A. Shadrin Section 2.1: Yu. Bobylev, T.Logacheva Section 2.2: S. Tsukhlo Section 2.3: O. Izryadnova, E. Ilyukhina Section 2.4: N. Karlova, T. Tikhonova,E. Serova, I. Khramova, O Shik Section 2.5: I. Dezhina Section 2.6: N. Volovik, N. Leonova, S. Prikhodko Section 2.7: E. Vatolkin, E. Lyuboshits, E. Khrustalev, V. Tsymbal Section 3.1: D. Popova Section 3.2: I. Rozhdetsvenskaya, S. Shishkin Section 4.1,4.3,4.4: A. Radygin Section 4.2: A. Radygin, I. Sidorov,.N. Shmeleva Section 4.5: E. Marushkina, L. Mikhailov, L. Sycheva, E. Timofeev Section 4.6: G. Malginov, G. Sternik (The Russian Realtor Guilde) Anne 1: L. Anisimova, S.Batkibekov, Yu. Bobylev, I. Trunin, E. Serova, S. Sinelnikov-Murylev, E. Shkrebela Annexes 2 and 3: N. Volovik, N. Leonova, S. Prikhodko Annex 4: D.Levchenko
Computer design: A.Astakhov, V. Yudichev
Data supply: V. Avralov
ISBN 5-93255-068-6
The publication of the present paper was sponsored with the grant from the United States Agency for International Development (USAID).


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