Stabilization and Structural Change in Russia, 1992-94
- 1 January 1995
- journal article
- Published by International Monetary Fund (IMF) in IMF Working Papers
- Vol. 95 (13)
- https://doi.org/10.5089/9781451842951.001
Abstract
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 consumption. Hyperinflation has been avoided so far by tightened financial policies, but remains a threat. Conventional macroeconomic wisdom on the relation between money, prices and output is relevant for Russia. Moreover, stabilization and structural change interact and are mutually reinforcing.Keywords
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