Russia and the IMF: The Political Economy of Macro-Stabilization

October 1, 1994

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Format: Chicago

Ernesto Hernández-Catá. Russia and the IMF: The Political Economy of Macro-Stabilization, (USA: International Monetary Fund, 1994) accessed November 23, 2024

Summary

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.

Subject: Budget planning and preparation, Correspondent banking, Credit, Financial services, Government debt management, Inflation, Monetary expansion, Money, Prices, Public financial management (PFM)

Keywords: Budget planning and preparation, Correspondent banking, Credit, Exchange market liberalization, Financing, Government, Government arrears, Government debt management, Government privatization agency, IMF financing, IMF mission, IMF team, IMF's money, Inflation, Monetary policy, PDP, Price

Publication Details

Pages:

23
Volume:

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DOI:

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Issue:

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Series:

Policy Discussion Paper No. 1994/020
Stock No:

PPIEA0201994
ISBN:

9781451963939
ISSN:

1564-5193

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