Last updated: April 2006 Volume 53, Number 1 |
The IMF and Russia in the 1990s
John Odling-SmeeFull Text of this Article (PDF 288K)
Abstract: 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 a limited impact on overall fiscal policy and 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.
[JEL E60, E62, P20, P34, P35]