Restructuring, Stabilizing and Modernizing the New Russia: Economic and Institutional Issues


The Russian transformation crisis is analyzed and put into the context of national policy failures and international shocks. The study also has a focus on structural change and foreign direct investment - including an econometric perspective. Basic problems of economic opening-up, macroeconomic policy and aspects of political economy are also discussed. The role of institutional reforms, membership in international organizations and supply-side policies are emphasized.
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The Russian transformation crisis is analyzed and put into the context of national policy failures and international shocks. The study also has a focus on structural change and foreign direct investment - including an econometric perspective. Basic problems of economic opening-up, macroeconomic policy and aspects of political economy are also discussed. The role of institutional reforms, membership in international organizations and supply-side policies are emphasized.
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Editorial Reviews

From the Publisher
"...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)
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Product Details

  • ISBN-13: 9783642631566
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 4/30/2013
  • Edition description: Softcover reprint of the original 1st ed. 2000
  • Edition number: 1
  • Pages: 518
  • Product dimensions: 6.14 (w) x 9.21 (h) x 1.08 (d)

Table of Contents

P.J.J. Welfens, Y. Gavrilenkov: Introduction.- The Russian Transformation Crisis: P.J.J. Welfens: Efficient External Liberalization in Russian Transformation.- Introduction.- Traditional and New Approaches for External Liberalization.- Policy Conclusions for Russia.- T. Komulainen: Currency Crisis Theories - Some Expanations for the Russian Case.- Introduction.- Currency Crisis Theories.- Conclusion.- R. Wiegert: Banking Sector and Financial Intermediation in the Russian Transformation Process.- Systemic Transformation, Growth Requirements and Financial Stability.- The Role of the Banking Sector.- Consequences for the Russian Banking Sector.- R. Grinberg: Institutional Failures of Market Transformation of the Russian Economy.- Introduction.- Examples of Institutional Failures in the Reform Policy in Russia.- The West in the Trap of Self-deception.- Russia Between Old and New Institutions.- The Reform of Institutional Basis of Economic Policy in Russia.- V. Gligorov, N. Sundstrom: Russian Crisis: Causes, Developments, Contagion and Prospects.- Introduction.- Constitution and Transformation.- Budgets, Markets and Banks.- Policy Responses and Mistakes.- The Collapse and Contagion.- Russian Prospects.- Conclusion.- Restructuring in Transition Economies: R. Döhrn: Foreign Direct Investment in Russia: An Engine of Structural Adjustment?.- Statistical Background.- Determinants of FDI and Projections for Russia.- FDI, Capital Formation, and Structural Change.- Conclusions.- G. Serebryakov: Russian Economy: Structural Change and Econometric Prospective.- Aggregate Econometric Macro Model for Russian Economy.- RIM - Russian Inter-industry Model.- Modeling and Some Specific Features of Russian Economy.- Economic Growth and Structural Change in 1990 - 1997.- Issues on Labor and Capital Costs Analysis.- Some Issues in Current Economic Development and Perspective Model Simulations.- Z. Ludvig: Economic Opening-Up, Policy Reforms and Relations with International Organizations: A Parallel between Hungary and Russia - Some Major Differences and Similarities.- Economic Opening-up and the Role of Foreign Trade Liberalization.- Relationship with International Organizations.- Stabilizing Russia: E. Gavrilenkov: Introduction.- The Impact of Monetary Policy on Macroeconomic Performance in Present Russia and Some Political Economy Issues.- The Conduct of Monetary Policy in Russia in the Context of International Experience and Conducting of Monetary Policy with Different Regimes.- Monetary Policy, Liquidiy Problems and Foreign Debt Service.- M. Vogelsang: Russian Capital Markets and International Financial Flows.- Introduction.- Some Questions on Recent Financial Crises.- The Model.- Capital Markets and Economy's Wealth.- Exit Tax.- Some Remarks on Tax and Other Capital Controls.- Conclusion.- C. Faber, H. Strohe: Consumer Prices in Russia and Transforming Official Statistics.- Preface.- Some Short Methodological Notes Concerning the Russian CPI.- The Development of Russian CPI within the 90s.- A Comparison of CPI Development with other Economic Indicators.- Problems Concerning the Statistics of Consumer Prices.- Recommendations.- F. Bohn: The Rationale for Seigniorage in Russia - A Model-Theoretic Approach.- Introduction.- Economic and Political Model Components.- A Formal Intertemporal Model.- Conclusion and Outlook.- U. Thießen: Overcoming the Russian Banking Crisis: Theory, Some Empirical Findings and Policy Options.- Introduction.- Background of the Banking Crisis, Economic Costs, and Approach of the Authorities.- Modern Theoretical Findings of the Workings of Financial Markets and Their Contribution to Economic Growth.- Empirical Findings on the Workings of Financial Markets with Special Reference to Transition Countries.- Policy Options.- Concluding Remarks.- Modernizing Russia: P. J.J. Welfens: Institutions and Transition: On the Way to a Market Economy - Theory and Application to Russia.- Introduction.- From a Distorted Socialist Environment to Institutions of a Market Economy.- International Institutional Impulses.- Conclusions.- P. Sutela: Overcoming the Transformation Crisis - Selected Issues and Policy Options in Russia.- Introduction.- The Russian Economy After August 1999.- Is Industrial Growth Sustainable?.- The Emerging Russian Economic System.- Could Something Be Done?.- T. Brockmeier: Nurturing Entrepreneurship and the Role of Co-operatives.- Introduction.- Theoretical Framework.- Co-operatives as a Means to Foster Entrepreneurship.- Summary.- O. Nosova: Foreign Direct Investment and Growth in Russia, Poland and the Ukraine.- Introduction.- Institutional Transformation: Capital Flows in Eastern Europe.- The Impact of Foreign Trade and Foreign Direct Investment on Transformation to Economic Stabilization and Growth.- Policy Considerations for Poland, Russia and Ukraine.- N. Oding: Reforming the Natural Monopoly - the Case of Railroad Transport.- Introduction: Challenges of Reform in Transport.- Characteristic Features of Markets with Natural Monopolies.- Reform on Railways: International Practices.- Railway Reforms in Russia.- Economic Roundtable: Internatl and External Russian Transition Problems: E. Gavrilenkov: Permanent Crisis in Russia: Selected Problems of Macroeconomic Performance.- Introduction.- Background.- Financial Markets and Fiscal Performance.- Selected Problems of Tax Collection and Capital Flight.- R. Grinberg: Systematic Transformation in Russia: Outcomes, Causes, New Imperatives.- Outcomes.- Main Causes of the Transformation Crisis.- Towards a New Approach to Economic Policy in Russia.- H. Strohe, C. Faber: Official Statistics in Russia and the Measurement of the Crisis - Some Remarks on Russian Price Statistics.- Introduction.- The General Situation.- The State Committee for Statistics.- The Example of Price Statistics.- N. Oding, A. Zaostrovzev: Rent-seeking as a Source of Macroeconomic Instability in Russia.- The Roots of a Rent-seeking Society: Microeconomic Foundations of a Macroeconomic Crisis.- Three Stages in the History of Rent-seeking Strategies and Macro-economic Instability in Russia (since 1992).- Conclusions.- O. Nosova: Foreign Trade and Foreign Direct Investment in Transformation Crisis in Russia and Ukraine.- Introduction.- Theoretical Model.- Empirical Considerations.- Appendix: Selected Macroeconomic Data on Russia and Eastern Europe.- Selection of Links and Internet Pages of Research Institutions Related to Russia.- About the Project: Real and Monetary Transformation Crisis in Russia: Developments, Analysis and Sustainable Transformation.

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