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Russia And The Imf
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Book Synopsis No Precedent, No Plan by : Martin G. Gilman
Download or read book No Precedent, No Plan written by Martin G. Gilman and published by MIT Press. This book was released on 2010 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Review: "In 1998, President Boris Yeltsin's government defaulted on its domestic debt and Russia experienced a financial meltdown that brought it to the brink of disaster. In No Precedent, No plan, Martin Gilman offers an insider's view of Russia's financial crisis. As the International Monetary Fund's senior person in Moscow, Gilman was in the eye of the storm. Russia's policy response to the economic collapse stemming from the disintegration of the Soviet Union was chaotic. Fiscal deficits loomed in anticipation of future budget revenue that never seemed to materialize--despite repeated promises to the IMF. The rapid buildup of sovereign debt would have challenged even a competent government. In the new Russia, with its barely functioning government and no consensus on the path toward democratic and economic transformation, domestic politics trumped economic common sense." "Gilman argues that the debt default, although avoidable, actually spurred Russia to integrate its economy with the rest of the world. In analyzing the ordeal of the 1998 crisis, Gilman suggests that the IMF helped Russia avoid an even greater catastrophe. He details the IMF's involvement and underscores the unique challenge that Russia presented to the IMF. There really was no precedent, even if economist Joseph Stiglitz and others argued otherwise. In recounting Russia's emergence from the IMF's tutelage, Gilman explains how the shell-shocked Russian public turned to Vladimir Putin in search of stability after the trauma of 1998. And although Russia's own prospects are favorable, Gilman expresses concern that the 1998 Russian default could serve as an unfortunate precedent for sovereign defaults in the future with the IMF once again playing a similar role." "No Precedent, No Plan offers a definitive account--the first from an insider's perspective--of Russia's painful transition to a market economy."--BOOK JACKET
Book Synopsis Russia's Transition by : Alexander Kura
Download or read book Russia's Transition written by Alexander Kura and published by Nova Publishers. This book was released on 2001 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses and dissects the strategies of international institutions and donors to assist it in its economic and political transition to a market economy. Considerable detail is provided on the activities of the International Monetary Fund (IMF), the European Bank for Reconstruction, the World Bank, and the European Union in Russia. The book is based on a GAO Report that has been excerpted and augmented by explanatory commentary. A full subject index is provided.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451832974 Total Pages :160 pages Book Rating :4.4/5 (518 download)
Book Synopsis Russia by : International Monetary Fund
Download or read book Russia written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-09-22 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews economic developments in the Russian Federation during 1990–98. Output fell precipitously in 1992–94 in response to the withdrawal of subsidies and the disruption in traditional economic relations, but the decline then began to taper off, and real GDP registered a small increase in 1997. However, the recovery proved short-lived, and GDP was already on a downward trend by the first half of 1998. This contraction was severely aggravated by the economic crisis that erupted in mid-1998.
Book Synopsis Evolution of Monetary Policy Instruments in Russia by : Mr. Tomás J. T. Baliño
Download or read book Evolution of Monetary Policy Instruments in Russia written by Mr. Tomás J. T. Baliño and published by International Monetary Fund. This book was released on 1997-12-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation
Book Synopsis Russia and the IMF by : Mr.Ernesto Hernández-Catá
Download or read book Russia and the IMF written by Mr.Ernesto Hernández-Catá and published by International Monetary Fund. This book was released on 1994-10-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the experience with macroeconomic stabilization in Russia during the 2 1/2 years following the beginning of reforms in January 1992. It focuses on the different perceptions about the nature, the causes and the consequences of inflation in Russia and about the policies required to deal with it. It recounts the authorities’s efforts to control inflation and discusses the major political obstacles to stabilization, including the pressures for subsidized credits, budgetary transfers and tax exemptions and interenterprise arrears. Finally, it examines the role of IMF-supported programs in the process. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Book Synopsis Regional Disparities and Fiscal Federalism in Russia by : Oksana Dynnikova
Download or read book Regional Disparities and Fiscal Federalism in Russia written by Oksana Dynnikova and published by International Monetary Fund. This book was released on 2021-05-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how regional disparities have evolved in Russia and how Russia’s system of intergovernmental fiscal relations is managing these disparities. Regional disparities have fallen over the past two decades but remain relatively high. Socioeconomic outcomes remain worse in lagging regions despite faster growth and convergence in income levels. The twin shocks of COVID-19 and lower oil prices appear to have impacted richer regions disproportionately. Compared to other large countries with federal systems of government, Russia stands out with its high reliance on direct taxes as a revenue source for its regions. Transfers from the federal budget to the regions provide some redistribution by reducing the dispersion in real per capita fiscal spending, but also tend to be associated with lower growth. The Russian fiscal system offers degrees of redistribution and risk sharing of around 26 and 18 percent, respectively—with in-kind social transfers contributing the most. Finally, federal transfers in the aggregate tend to be procyclical and are also fairly unresponsive to shocks to regions’ own revenues.
Book Synopsis How Russia Affects the Neighborhood - Trade, Financial, and Remittance Channels by : Mr.Nadeem Ilahi
Download or read book How Russia Affects the Neighborhood - Trade, Financial, and Remittance Channels written by Mr.Nadeem Ilahi and published by International Monetary Fund. This book was released on 2009-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.
Download or read book Russian Federation written by and published by . This book was released on 1993 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The IMF and Russia in the 1990's by : Mr.John C. Odling-Smee
Download or read book The IMF and Russia in the 1990's written by Mr.John C. Odling-Smee and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-08-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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. However, the IMF played a major role in transferring knowledge about macroeconomic policymaking and implementation.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :112 pages Book Rating :4.0/5 (1 download)
Book Synopsis Impact of IMF/World Bank Policies Toward Russia and the Russian Economy by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Impact of IMF/World Bank Policies Toward Russia and the Russian Economy written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1994 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Russia Rebounds by : Mr.David Edwin Wynn Owen
Download or read book Russia Rebounds written by Mr.David Edwin Wynn Owen and published by International Monetary Fund. This book was released on 2003-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia Rebounds analyzes Russia’s dramatic economic recovery since the country’s 1998 financial crisis, emphasizing macroeconomic issues and fiscal and banking sector reforms. The crisis was a massive shock to the system and a considerable surprise to both Russians and foreign investors, who a year before had come to think that the worst of the transition from a centrally planned to a market economy was over. Macroeconomic performance since the crisis has been impressive. The book assesses the contribution of various factors underlying this recovery and highlights key policy challenges to ensure its sustainability.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498346472 Total Pages :19 pages Book Rating :4.4/5 (983 download)
Book Synopsis Russian Federation by : International Monetary Fund. European Dept.
Download or read book Russian Federation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-07-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates potential output and the output gap in Russia. Estimating potential output in Russia is difficult because its economy is large and complex, in transition, and dependent on oil. First, Russia presents large territorial and sectoral heterogeneity. Second, structural issues are difficult to estimate in transition economies. Third, the energy sector dominates exports and GDP, making Russia vulnerable to large terms of trade shocks. This paper estimates potential output taking into account these challenges and using a variety of methodologies. The results obtained show that the output gap in Russia exhibits high uncertainty.
Download or read book Moscow Rules written by Keir Giles and published by Brookings Institution Press. This book was released on 2019-01-29 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Moscow, the world looks different. It is through understanding how Russia sees the world—and its place in it—that the West can best meet the Russian challenge. Russia and the West are like neighbors who never seem able to understand each other. A major reason, this book argues, is that Western leaders tend to think that Russia should act as a “rational” Western nation—even though Russian leaders for centuries have thought and acted based on their country's much different history and traditions. Russia, through Western eyes, is unpredictable and irrational, when in fact its leaders from the czars to Putin almost always act in their own very predictable and rational ways. For Western leaders to try to engage with Russia without attempting to understand how Russians look at the world is a recipe for repeated disappointment and frequent crises. Keir Giles, a senior expert on Russia at Britain's prestigious Chatham House, describes how Russian leaders have used consistent doctrinal and strategic approaches to the rest of the world. These approaches may seem deeply alien in the West, but understanding them is essential for successful engagement with Moscow. Giles argues that understanding how Moscow's leaders think—not just Vladimir Putin but his predecessors and eventual successors—will help their counterparts in the West develop a less crisis-prone and more productive relationship with Russia.
Book Synopsis Russia's Crony Capitalism by : Anders Aslund
Download or read book Russia's Crony Capitalism written by Anders Aslund and published by Yale University Press. This book was released on 2019-05-23 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: A penetrating look into the extreme plutocracy Vladimir Putin has created and its implications for Russia’s future This insightful study explores how the economic system Vladimir Putin has developed in Russia works to consolidate control over the country. By appointing his close associates as heads of state enterprises and by giving control of the FSB and the judiciary to his friends from the KGB, he has enriched his business friends from Saint Petersburg with preferential government deals. Thus, Putin has created a super wealthy and loyal plutocracy that owes its existence to authoritarianism. Much of this wealth has been hidden in offshore havens in the United States and the United Kingdom, where companies with anonymous owners and black money transfers are allowed to thrive. Though beneficial to a select few, this system has left Russia’s economy in untenable stagnation, which Putin has tried to mask through military might.
Book Synopsis Drivers of Emerging Market Bond Flows and Prices by : Mr. Evan Papageorgiou
Download or read book Drivers of Emerging Market Bond Flows and Prices written by Mr. Evan Papageorgiou and published by International Monetary Fund. This book was released on 2021-12-16 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513568752 Total Pages :74 pages Book Rating :4.5/5 (135 download)
Book Synopsis Russian Federation by : International Monetary Fund. European Dept.
Download or read book Russian Federation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2021-02-09 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn. Nevertheless, the crisis is likely to leave some long-term scars.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513509705 Total Pages :73 pages Book Rating :4.5/5 (135 download)
Book Synopsis Russian Federation by : International Monetary Fund. European Dept.
Download or read book Russian Federation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-08-01 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption. At the same time, gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018. Inflation has begun to fall and is expected to return to the 4 percent target by early 2020. The medium-term growth outlook remains modest. Public infrastructure spending under the national projects together with increase labor supply due to pension reform could have a positive effect on the growth rate of potential output. However, absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent. It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.
