Restructuring, Stabilizing and Modernizing the New Russia

1. Front Matter

   Pages I-XIII

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2. Introduction

   1. Introduction

      • Paul J. J. Welfens, Evgeny Gavrilenkov

      Pages 1-3

3. The Russian Transformation Crisis

   1. Front Matter

      Pages 5-5

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   2. The EU and Russia: Strategic Aspects of Transformation and Integration

      • Paul J. J. Welfens

      Pages 7-23

   3. Currency Crisis Theories — Some Explanations for the Russian Case

      • Tuomas Komulainen

      Pages 25-55

   4. Banking Sector and Financial Intermediation in the Russian Transformation Process

      • Ralf Wiegert

      Pages 57-88

   5. Institutional Failures of Market Transformation of the Russian Economy

      • Ruslan Grinberg

      Pages 89-100

   6. Russian Crisis: Causes, Developments, Contagion and Prospects

      • Vladimir Gligorov, Niclas Sundstrom

      Pages 101-124

4. Restructuring in Transition Economies

   1. Front Matter

      Pages 125-125

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   2. Foreign Direct Investment in Russia — An Engine of Structural Adjustment?

      • Roland Döhrn

      Pages 127-148

   3. Russian Economy: Structural Change and Econometric Prospective

      • Georgiy Serebryakov

      Pages 149-176

   4. Economic Opening-Up, Policy Reforms and Relations with International Organizations: A Parallel between Hungary and Russia — Some Major Differences and Similarities

      • Zsuzsa Ludvig

      Pages 177-185

5. Stabilizing Russia

   1. Front Matter

      Pages 187-187

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   2. Towards Credible Monetary and Fiscal Policies in Russia

      • Evgeny Gavrilenkov

      Pages 189-209

   3. Russian Capital Markets and International Financial Flows

      • Michael Vogelsang

      Pages 211-222

   4. Consumer Prices in Russia and Transforming Official Statistics

      • Cathleen Faber, Hans Gerhard Strohe

      Pages 223-241

   5. The Rationale for Seigniorage in Russia — A Model-Theoretic Approach

      • Frank Bohn

      Pages 243-266

   6. Overcoming the Russian Banking Crisis: Theory, Some Empirical Findings and Policy Options

      • Ulrich Thießen

      Pages 267-303

6. Modernizing Russia

   1. Front Matter

      Pages 305-305

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   2. Institutions and Transition: On the Way to a Market Economy — Theory and Application to Russia

      • Paul J. J. Welfens

      Pages 307-332

Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.

• Institution
• Integration
• Internet
• Policy
• Russia
• Transformation
• econometrics
• economic policy
• economy
• institutions
• macroeconomics
• organization
• political economy
• statistics
• systemic transformation

"...will become an authoritative reading because it constitutes an insightful background for the understanding of Russian economic performance during the last decade. An invaluable reference work for researchers." Bruno S. Sergi, University of Messina and CERC-University of Melbourne from Kyklos 54 (2001)

• European Institute for International Economic Relations (EIIW), University of Potsdam, Potsdam, Germany

  Paul J. J. Welfens

• Bureau of Economic Analysis and Higher School of Economics, Maly Gnezdnikovsky Pereulok 4/2, Moscow, Russia

  Evgeny Gavrilenkov

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