The tightening of fiscal and credit policy continued in the first half of 1995. However, the situation in 1995 differed significantly from what it was in prior years. First, the government has learned the lesson it was taught in the fall of 1994 and it truly placed its principal emphasis on the...

April 2000 - In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets...