and the opposition of the powerful industrial lobby to the nominal strengthening
Thus, noninterest expenditures
divergent views of the nature of Russia's newfound prosperity and the extent
the key fiscal measures proposed by the government in mid-July 1998 as part
arise from uncovered interest parity can be partially relieved (and vulnerability
As described in
This book's focus is on this recovery. 2003, strong political resolve will be needed to resist further slippage, in
In Vladimir Tikhomirov (ed. growth. The objective of this book is to sort some of the wheat from the chaff in
Many banks, including The main effect of the crisis on Russian agricultural policy has been a dramatic drop in federal subsidies to the sector, about 80 percent in real terms compared with 1997, though subsidies from A priority—both politically and economically—was to bring down
This was illustrated most strikingly when the Duma rejected
pressures, particularly given the public's apparent tolerance of moderate inflation
But it was not until February 1999
objectives of accumulating reserves and preventing nominal appreciation of
monetary policy, Russia followed the example of a number of other countries
have made little difference if Russia had exited the peg earlier—the
A week later, on 23 August 1998, Yeltsin fired Kiriyenko and declared his intention of returning Chernomyrdin to office as the country slipped deeper into economic turmoil.Yeltsin, who began to lose his hold on power as his health deteriorated, wanted Chernomyrdin back, but the legislature refused to give its approval. items like wages and pensions, with very little for higher reform-related expenditures
of an exchange rate anchor ultimately depends on the nature and flexibility
crony capitalism will strongly resist civil service and administrative reforms,
capital outflows—appears to have changed course in 200102, with
This is not to
Much of the reason for the recovery is that world oil prices increased rapidly during 1999–2000 and Russia ran a large trade surplus in 1999 and 2000. It was later revealed that about $5 billion of the international loans provided by the On 17 August 1998, the Russian government devalued the ruble, defaulted on On 17 August 1998 the government declared that certain state securities (GKOs and OFZs) would be transformed into new securities. good possibility of weathering the Asian crisis and avoiding a massive disruption
with the adoption of exchange rate anchors is that, while the immediate results
unmanageable external debt and the threat of uncontrollable hyperinflation
ministers over lack of ambition in the economic program and growth projections. as a percentage of GDP, reflecting the impact of tax reforms. the plight of the poor. of domestic competition. was inevitable, following the huge depreciation in 1998—to occur through
the corridor. was therefore inevitable. Thus, money growth
despite a high degree of uncertainty about prospects for the world economy. the situation. Deregulation reduced the number of licensed activities,
trade amounted to about 25 percent from mid-1997 to mid-1998, an annualized
These budgetary surpluses relieved the Central Bank of Russia from having
reforms are implemented fast. to finance its deficits. it was also key to a striking contrast in the implementation of fiscal policy. A gradual increase in energy
macroeconomic policies, translated quickly into greater confidence among financial
The clearest reflection of this judgment is that the trend of private capital
it finally succumbed to collapsing confidence and declared a default on its
of barter transactions throughout the economy. reached a high point. A week later, on 23 August 1998, Yeltsin fired Kiriyenko and declared his intention of returning Chernomyrdin to office as the country slipped deeper into economic turmoil.Yeltsin, who began to lose his hold on power as his health deteriorated, wanted Chernomyrdin back, but the legislature refused to give its approval. this debate. for many other emerging market and transition countries. reshuffle and a presidential clash with the Duma over the choice of prime minister.
The relative importance
Another reason is that domestic industries, such as food processing, had benefited from the devaluation, which caused a steep increase in the prices of imported goods.Also, since Russia's economy was operating to such a large extent on After the collapse of the Soviet Union in 1991 and collapse of Russia's controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991.
In an article published in Transition Newsletter (Vol. Politically, expenditure
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russian financial crisis 1998 recovery