The Economic Reform Process in Russia

July 1, 1993

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Format: Chicago

John C. Odling-Smee, and Henri Lorie. The Economic Reform Process in Russia, (USA: International Monetary Fund, 1993) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Although various factors point to a more arduous and longer transition in Russia than in Eastern Europe, the broad policy approach should be similar. A necessary condition for effective macroeconomic stabilization is the imposition of hard budget constraints on enterprises. Financial assistance from the Government and the central bank to enterprises must be strictly controlled to ensure compatibility with both inflation objectives and the creation of incentives for reform. While Russia needs external financial assistance, it must be willing and able to pursue economic policies that ensure that the assistance has the desired effects, especially macroeconomic stability and systemic reform.

Subject: Balance of payments, Foreign direct investment

Keywords: Eastern Europe, Economic reform, Europe, Foreign direct investment, Government, Government assistance, Liberalization, Market economy, Market mechanism, Price, Price liberalization, Russia, Russia's economy, Stabilization policy, State trading, WP

Publication Details

Pages:

10
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1993/055
Stock No:

WPIEA0551993
ISBN:

9781451847574
ISSN:

1018-5941

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