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The Emergence of Open Inflation and Stabilization Efforts in Postcommunist Russia

Milan Nikolić

Chapter 1 in Monetary Policy in Transition, 2006, pp 1-22 from Palgrave Macmillan

Abstract: Abstract By the beginning of the last decade of the twentieth century it had become clear that the task of mending the system of central planning was beyond even the resourceful and mighty Soviet Union. Substantial overhauls in 1957, 1965 and 1975, as well as piecemeal reforms between 1985 and 1989, failed adequately to address the chronic inefficiencies of the system. In the face of the rapid deterioration of the economy after the dissolution of the Soviet Union and the breakdown of overall authority, the newly installed Russian government embarked on a programme of radical economic reforms at the end of 1991. Russia’s leap into market reforms began on 2 January 1992. The cornerstones of this endeavour resembled the Polish reforms1 launched two years earlier and included a general decontrol of prices and trade, stabilization of the domestic currency and privatization.2

Keywords: Monetary Policy; Fiscal Policy; Commercial Bank; Money Supply; Budget Deficit (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230512337_1

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