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Give Growth And Macroeconomic Stability In Russia A Chance
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Book Synopsis Give Growth and Macroeconomic Stability in Russia a Chance by : Brian Pinto
Download or read book Give Growth and Macroeconomic Stability in Russia a Chance written by Brian Pinto and published by . This book was released on 2000 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash.
Book Synopsis Give Growth and Macroeconomic Stability in Russia a Chance by : Brian Pinto
Download or read book Give Growth and Macroeconomic Stability in Russia a Chance written by Brian Pinto and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash.Pinto, Drebentsov, and Morozov analyze the links between Russia's disappointing growth performance in the second half of the 1990s, its costly and unsuccessful stabilization, the macroeconomic meltdown of 1998, and the spectacular rise of nonpayments. Nonpayments flourished in an environment of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing enterprises out through soft budget constraints.Heavy untargeted implicit subsidies flowing through the nonpayments system (amounting to 10 percent of GDP annually) have stifled growth, contributed to the August 1998 meltdown through their impact on public debt, and have made at best a questionable contribution to equity. Dismantling this system must be a top priority, along with promoting enterprise restructuring and growth (by hardening budget constraints) and medium-term macroeconomic stability (by reducing the size of subsidies).Getting the government out of the nonpayments system means settling all appropriately controlled budgetary expenditures on time and in cash, and eschewing spending arrears, thereby setting an example for enterprises and laying the groundwork for eliminating tax offsets at all levels of government, and insisting on cash tax payments.To stop energy-related subsidies would require not only that the government pay its own energy bills on time and in cash, but also that the energy monopolies be empowered to disconnect nonpaying clients. This will enable the government to insist that the energy monopolies in turn pay their own taxes in full and on time.This paper - a product of the Economics Unit, World Bank Office, Moscow - was produced as part of the Economic and Sector Work Program, Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region.
Book Synopsis Give Macroeconomic Stability and Growth in Russia a Chance by : Brian Pinto
Download or read book Give Macroeconomic Stability and Growth in Russia a Chance written by Brian Pinto and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies and investigates conceptual and empirical links among Russia's disappointing growth performance of the mid-1990s, its costly and eventually unsuccessful stabilization, the macroeconomic meltdown of 1998 and the spectacular rise of non-payments. Non-payments developed into a system that flourished in an atmosphere of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing-out enterprises through soft budget constraints. It embodies a large volume of untargeted, implicit subsidies in the order of 7-10 per cent of GDP, which has stifled growth, contributed to the 1998 meltdown through its impact on public debt and made at best a questionable contribution to equity. The overwhelming priority at this point is to dismantle this system, thereby promoting enterprise restructuring and growth, (by hardening budget constraints), and medium-term macroeconomic stability (by reducing the size of the subsidies).
Book Synopsis Give Macroeconomic Stability and Growth in Russia a Chance. Harden Budgets by Eliminating Non-Payments by : Brian Pinto
Download or read book Give Macroeconomic Stability and Growth in Russia a Chance. Harden Budgets by Eliminating Non-Payments written by Brian Pinto and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies and investigates conceptual and empirical links among Russia?s disappointing growth performance of the mid-1990s, its costly and eventually unsuccessful stabilization, the macroeconomic meltdown of 1998 and the spectacular rise of non-payments. Non-payments developed into a system that flourished in an atmosphere of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing-out enterprises through soft budget constraints. It embodies a large volume of untargeted, implicit subsidies in the order of 7?10 per cent of GDP, which has stifled growth, contributed to the 1998 meltdown through its impact on public debt and made at best a questionable contribution to equity. The overwhelming priority at this point is to dismantle this system, thereby promoting enterprise restructuring and growth (by hardening budget constraints) and medium-term macroeconomic stability (by reducing the size of the subsidies).
Book Synopsis Give Growth and Macro Stability in Russia a Chance by : Brian Pinto
Download or read book Give Growth and Macro Stability in Russia a Chance written by Brian Pinto and published by . This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Russian Economy: a Very Short Introduction by : Richard Connolly
Download or read book The Russian Economy: a Very Short Introduction written by Richard Connolly and published by Oxford University Press, USA. This book was released on 2020-07-23 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia today is as prominent in international affairs as it was at the height of the Cold War. Yet the role that the economy plays in supporting Russia's position as a 'great power' on the international stage is poorly understood. For many, Russia's political influence far exceeds its weight in the global economy. However, Russia is one of the largest economies in the world; it is not only one of the world's most important exporters of oil and gas, but also of other natural resources, such as diamonds and gold. Its status as one of the largest wheat and grain exporters shapes commodity prices across the globe, while Russia's enormous arms industry, second only to the United States, provides it with the means to pursue an increasingly assertive foreign policy. All this means that Russia's economy is crucial in serving the country's political objectives, both within Russia and across the world. Russia today has a distinctly political type of economy that is neither the planned economy of the Soviet era, nor a market-based economy of the Euro-Atlantic variety. Instead, its economic system is characterised by a unique blend of state and market; control and freedom; and natural resources alongside human ingenuity. The Russian Economy: A Very Short Introduction introduces readers to the dimensions of the Russian economy that are often ignored by the media and public figures, or exaggerated and misunderstood. In doing so, it shows how Russia's economy is one of global significance, and helps explain why many of Russia's enduring features, such as the heavy hand of the state and the emphasis on military-industrial production, have persisted despite the immense changes that took place after the disintegration of the Soviet Union in 1991. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
Book Synopsis Putin's Labor Dilemma by : Stephen Crowley
Download or read book Putin's Labor Dilemma written by Stephen Crowley and published by Cornell University Press. This book was released on 2021-07-15 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Putin's Labor Dilemma, Stephen Crowley investigates how the fear of labor protest has inhibited substantial economic transformation in Russia. Putin boasts he has the backing of workers in the country's industrial heartland, but as economic growth slows in Russia, reviving the economy will require restructuring the country's industrial landscape. At the same time, doing so threatens to generate protest and instability from a key regime constituency. However, continuing to prop up Russia's Soviet-era workplaces, writes Crowley, could lead to declining wages and economic stagnation, threatening protest and instability. Crowley explores the dynamics of a Russian labor market that generally avoids mass unemployment, the potentially explosive role of Russia's monotowns, conflicts generated by massive downsizing in "Russia's Detroit" (Tol'yatti), and the rapid politicization of the truck drivers movement. Labor protests currently show little sign of threatening Putin's hold on power, but the manner in which they are being conducted point to substantial chronic problems that will be difficult to resolve. Putin's Labor Dilemma demonstrates that the Russian economy must either find new sources of economic growth or face stagnation. Either scenario—market reforms or economic stagnation—raises the possibility, even probability, of destabilizing social unrest.
Author :Commission on Growth and Development Publisher :World Bank Publications ISBN 13 :0821374923 Total Pages :198 pages Book Rating :4.8/5 (213 download)
Book Synopsis The Growth Report by : Commission on Growth and Development
Download or read book The Growth Report written by Commission on Growth and Development and published by World Bank Publications. This book was released on 2008-07-23 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Routledge Handbook of Russian Politics and Society by : Graeme Gill
Download or read book Routledge Handbook of Russian Politics and Society written by Graeme Gill and published by Routledge. This book was released on 2013-03 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an ever-burgeoning number of books analyzing the Russian experience, or aspects of it. This Handbook is the first single volume which gives both a broad survey of the literature as well as highlighting the cutting edge research in the area. Through both empirical data and theoretical investigation each chapter in the Routledge Handbook Russian of Politics and Society examines both the Russian experience and the existing literature, points to research trends, and identifies issues that remain to be resolved. Offering focused studies of the key elements of Russian social and political life, the book is organized into the following broad themes: General introduction Political institutions Political Economy Society Foreign Policy Politically, economically, and socially, Russia has one of the most interesting development trajectories of any major country. This Handbook seeks to answer questions about democratic transition, the relationship between the market and democracy, stability and authoritarian politics, the development of civil society, the role of crime and corruption, and the creation of a market economy. Providing a comprehensive resource for scholars and policy makers alike, this book is an important contribution to the study of Russian Studies, Eastern European studies, and International Relations.
Book Synopsis The Putin System by : Grigory Yavlinsky
Download or read book The Putin System written by Grigory Yavlinsky and published by Columbia University Press. This book was released on 2019-02-19 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quarter century after the fall of the Soviet Union, Russia once again looms large over world affairs, from Ukraine to Syria to the 2016 U.S. election. Yet how power works in present-day Russia—how Vladimir Putin came to power and maintains his rule—remains opaque and often misunderstood. In The Putin System, Russian economist and opposition leader Grigory Yavlinsky explains his country’s politics from a unique perspective, voicing a Russian liberal critique of the post-Soviet system that is vital for the West to hear. Combining the firsthand experience of a practicing politician with academic expertise, Yavlinsky gives unparalleled insights into the sources of Putin’s power and what might be next. He argues that Russia’s dysfunction is neither the outcome of one man’s iron-fisted rule nor a deviation from the supposedly natural development of Western-style political institutions. Instead, Russia’s peripheral position in the global economy has fundamentally shaped the regime’s domestic and foreign policy, nourishing authoritarianism while undermining its opponents. The quasi-market reforms of the 1990s, the bureaucracy’s self-perpetuating grip on power, and the Russian elite’s frustration with its secondary status have all combined to enable personalized authoritarian rule and corruption. Ultimately, Putin is as much a product of the system as its creator. In a time of sensationalism and fear, The Putin System is essential reading for anyone seeking to understand how power is wielded in Russia.
Download or read book The Return written by Daniel Treisman and published by Simon and Schuster. This book was released on 2012-01-10 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Daniel Treisman answers some of scholars' most pressing questions that haunt modern day Russia. Why did the Soviet Union disintegrate, and could its collapse have been avoided? Did Yeltsin destroy too much or too little of the Soviet political order? What explains Putin's unprecedented popularity with the Russian public? How did the "oligarchs" reshape the Russian economy? Treisman suggests that these questions can be answered by looking back through the dynamic political and social traditions of the region. Rigorous rather than rhetorical, this book uses historically documented evidence with modern day conditions to paint a complete picture of Russia today. In a time when global politics are more important than ever, it is critical for us to understand the inner workings.
Book Synopsis Return to Growth in CIS Countries by : Lúcio Vinhas de Souza
Download or read book Return to Growth in CIS Countries written by Lúcio Vinhas de Souza and published by Springer Science & Business Media. This book was released on 2006-08-29 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this book is to analyse specific sets of macro and structural policies in selected Eastern European countries. The book includes studies on the major Western CIS countries, Belarus, Russia and Ukraine, plus a set of cross-country and regional studies. The analysis in this book contributes importantly to the discussion about the economic prospects of the CIS countries.
Book Synopsis Building Big Business in Russia by : Yuko Adachi
Download or read book Building Big Business in Russia written by Yuko Adachi and published by Routledge. This book was released on 2013-09-05 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the development of big business in Russia since the onset of market oriented reform in the early 1990s. It explains how privatized post-Soviet enterprises, many of which made little sense as business units, were transformed into functional firms able to operate in the environment of a market economy. It provides detailed case studies of three key companies – Yukos Oil Company, Siberian (Russian) Aluminium and Norilsk Nickel – all of which played a key role in Russia’s economic recovery after 1998, describing how these companies were created, run and have developed. It shows how Russian businesses during the 1990s routinely relied on practices not entirely compatible with formal rules, in particular in the area of corporate governance. The book fully explores the critical role played by informal corporate governance practices - such as share dilution, transfer pricing, asset stripping, limiting shareholders access to votes, and 'bankruptcy to order’ - as Russian big business developed during the 1990s. Unlike other studies on Russian corporate governance, this book highlights the ambiguous impact of informal corporate governance practices on the companies involved as commercial entities, and suggests that although their use proved costly to Russia’s business reputation, they helped core groups of owners/managers at the time to establish coherent business firms. Overall, the book shows that we cannot understand the nature of current economic changes in Russia without recognising the crucial role played by informal corporate governance practices in the creation and development of big business in post-Soviet Russia.
Book Synopsis Dismantling Russia's Nonpayments System by : Brian Pinto
Download or read book Dismantling Russia's Nonpayments System written by Brian Pinto and published by World Bank Publications. This book was released on 2000-01-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: One question preoccupies many scholars and practitioners: How can economic growth in the Russian Federation be reinvigorated? This report contributes to the current debate.Nonpayments in Russia evolved into a complex, inter-linked system over the latter half of the 1990s, becoming one of the most critical issues facing policymakers. This paper analyzes this system, including its origins, its evolution, the factors that now perpetuate it, and its costs, and identifies a minimum set of economic reforms needed to dismantle it. The paper also proposes answers to key questions about nonpayments, including: • How has its course been influenced by government policy at the federal and subnational levels? • What are the links with macroeconomic policy? • What is the role of the energy sector, and how has the system affected the way businesses operate? • What are the implications for economic growth? • How indeed, as part of Russia's transition to a monetized, market economy, did the nonpayments system come to exert a stranglehold on virtually every aspect of the economy? This report will be of interest to policymakers and economists interested in transition economies.
Book Synopsis Reducing Structural Dominance and Entry Barriers in Russian Industry by : Harry G. Broadman
Download or read book Reducing Structural Dominance and Entry Barriers in Russian Industry written by Harry G. Broadman and published by World Bank Publications. This book was released on with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The absence of new business in Russia is striking. Reforms to make Russia more competitive should start with eliminating regulatory and institutional barriers to the entry of new competitors.
Download or read book The Siberian Curse written by Fiona Hill and published by Brookings Institution Press. This book was released on 2003-11-04 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can Russia ever become a normal, free-market, democratic society? Why have so many reforms failed since the Soviet Union's collapse? In this highly-original work, Fiona Hill and Clifford Gaddy argue that Russia's geography, history, and monumental mistakes perpetrated by Soviet planners have locked it into a dead-end path to economic ruin. Shattering a number of myths that have long persisted in the West and in Russia, The Siberian Curse explains why Russia's greatest assets––its gigantic size and Siberia's natural resources––are now the source of one its greatest weaknesses. For seventy years, driven by ideological zeal and the imperative to colonize and industrialize its vast frontiers, communist planners forced people to live in Siberia. They did this in true totalitarian fashion by using the GULAG prison system and slave labor to build huge factories and million-person cities to support them. Today, tens of millions of people and thousands of large-scale industrial enterprises languish in the cold and distant places communist planners put them––not where market forces or free choice would have placed them. Russian leaders still believe that an industrialized Siberia is the key to Russia's prosperity. As a result, the country is burdened by the ever-increasing costs of subsidizing economic activity in some of the most forbidding places on the planet. Russia pays a steep price for continuing this folly––it wastes the very resources it needs to recover from the ravages of communism. Hill and Gaddy contend that Russia's future prosperity requires that it finally throw off the shackles of its Soviet past, by shrinking Siberia's cities. Only by facilitating the relocation of population to western Russia, closer to Europe and its markets, can Russia achieve sustainable economic growth. Unfortunately for Russia, there is no historical precedent for shrinking cities on the scale that will be required. Downsizing Siberia will be a costly and wrenching proce
