The Economic Reform Process in Russia

John Odling-Smee and Henri Lorie

No 1993/055, IMF Working Papers from International Monetary Fund

Abstract: Although various factors point to a more arduous and longer transition in Russia than in Eastern Europe, the broad policy approach should be similar. A necessary condition for effective macroeconomic stabilization is the imposition of hard budget constraints on enterprises. Financial assistance from the Government and the central bank to enterprises must be strictly controlled to ensure compatibility with both inflation objectives and the creation of incentives for reform. While Russia needs external financial assistance, it must be willing and able to pursue economic policies that ensure that the assistance has the desired effects, especially macroeconomic stability and systemic reform.

Keywords: WP; Russia; market economy; government; liberalization; price; market mechanism; Russia's economy; price liberalization; economic reform; state trading; government assistance; stabilization policy; Foreign direct investment; Eastern Europe; Europe (search for similar items in EconPapers)
Pages: 10
Date: 1993-07-01
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