This paper examines the causes of the large buildup of enterprise arrears in Russia during 1992, and evaluates policy options to deal with them. Noting the experience of. Eastern European countries, the paper emphasizes that the settlement of arrears through wholesale extension of credit would...

This paper reviews economic developments in the Russian Federation during 1990–98. Output fell precipitously in 1992–94 in response to the withdrawal of subsidies and the disruption in traditional economic relations, but the decline then began to taper off, and real GDP registered a small...

Economic developments in 2000 have dominated by the strength of the balance of payments. Real GDP has grown by 7.5 percent in 2000, but the momentum has slowed during the year. The external current account surplus is estimated at US$45 billion (18 percent of GDP) in 2000, driven by the sharp...

As Russia’s transition unfolds, the traditional national accounts concepts and reporting mechanisms become increasingly inadequate. As a result, the margin of error associated with basic price and quantity estimates widens substantially. A selection of key measurement and interpretation issues...

Since the dissolution of the Soviet Union at the end of 1991, Russia and the other countries which were members of the USSR have adopted value-added taxes. The value-added tax now provides a very significant portion of total tax revenue in all of these countries. Ideally, the value-added tax...

Macroeconomic stabilization and structural reforms in Russia since 1992 have been proceeding in a rather chaotic fashion. The Russian variety of economic gradualism has seen a sharp decline in output, though less than indicated by official statistics, and relatively resilient household...

This Selected Issues paper for the Russian Federation reviews trends in private capital flows to Russia by decomposing the flows into its subcomponents. Russia became a net lender to the international banking system, as a complement to the prolonged period of large current account surpluses. The...

Since 1991, the 15 countries under review - have to varying degrees, been pursuing reforms whose broad objectives have been to achieve market-based determination of interest rates and exchange rates, manage banking system liquidity through market operations with indirect instruments, and provide...

This paper reviews lessons learned for future technical assistance work in the hope that they will highlight the problems faced when introducing institutional changes in transitional economies. The findings from the assessment are intended principally for those interested in the development of...

Since 1992, the Russian Federation has moved away from a command economy and has laid the foundation of a market-based system. This paper examines some of the key fiscal policy issues that arose in 1992-96, the period following the onset of economic liberalization and reform