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Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
This Handbook is the most comprehensive up-to-date study of the Russian economy available. Russian and western authors analyze the current economic situation, trace the impact of Soviet legacies and of post-Soviet transition policies, examine the main social challenges, and propose directions for reforms.
The rapid changes in Russia since the collapse of the Soviet Union are often bewildering, with many frequent, highly significant changes in the different sectors of the economy and the political system. There have been frequent changes of personnel in government and economic management and many changes have been reversed - and sometimes forgotten, or at other times reinstated. What happened when? Who was responsible for what? Did such a change in one sector precede or follow a particular change elsewhere? These are points not easily remembered. This book provides full details of the many changes, and enables sense to be made of what would otherwise be a confusing situation. Developments are arranged chronologically by sector, and the book is unusual in extensively chronicling both economic and political developments and the crucial connections between them. There is a generous introduction and overview to help the reader find his or her way around. The material covers the period up to late autumn 2000, and thus offers a valuable guide to policies in the Putin era.
On August 17, 1998, the Russian economy was finally punished for the delays in reforms, the lack of fiscal discipline and the overvalued exchange rate: the government was forced to devalue the ruble and default on its debt obligations. This Report discusses the policy options for rebuilding the Russian economy in the light of those traumatic events, their underlying causes and the deep flaws they exposed in the process of reform. The Report draws on new work by economic researchers at the Russian European Centre for Economic Policy (RECEP) in association with a range of top international scholars. It explores the long-term policy challenges in key areas of the Russian economy, including fiscal and monetary policy, the labor market, the financial sector, industrial restructuring and the barter economy.
Explores the role of Russian oil and gas in the Russian economy.
We are pleased to help celebrate Roy Radner's 75th birthday, by issuing in one volume the papers that originally appeared in his honor in two special issues of Review of Economic Design (Vol. 6/2 and 6/3-4, 2001). Through his truly original ideas and lucid writing, Roy has influenced and guided the theory community for decades. Many colleagues and students have found their own work shaped and improved by Roy's wide-ranging curiosity, his encouragement, and his keen insights. In soliciting contributions to the Review of Economic Design Radner issues, we decided to approach his former students at the University of California, Berke ley, his former post-doctoral fellows at Bell Laboratories, and his published co authors. We express our sincere apology to any potential authors who fit these categories and whom we may have unintentionally failed to approach. Our job as editors of the Review of Economic Design Radner issues turned out to be easy, thanks to the enthusiastic response we received from authors and the quality of their submissions.
Labour markets are a central element of any transition from planned economy to market-oriented system. This groundbreaking book examines the plight of Russian workers and employers during the first decade of post-Soviet reforms. The authors argue that higher-than-expected labour market flexibility early in the transition provided an important cushion for workers who would have been displaced with little recourse to social protection. However, over time, this flexibility reduced pressure for enterprise restructuring and accommodated policy drift. Although many workers were quite mobile, often this translated into a loss of human capital for older enterprises_even potentially viable ones_and to OchurningO in the labour market, accompanied by only limited restructuring. There was little job creation, labour hoarding persisted, and many workers saw their wages eroded by inflation and late payment of wages. The authors show this situation was largely the result of insufficient structural reforms, poor institutional development, and misplaced incentives. First providing an overview of the economic situation, key labour market trends, and the institutional situation during the 1990s, the book then reviews labour market dynamics. The authors assess changes in OoldO jobs at former state enterprises and evaluate OnewO job creation, mostly in private businesses. They examine the evolution of wages and the availability of social protection to workers. A special thematic section considers the political economy of labour market policy that brought the ORussian approachO to labour market adjustment to life. The conclusion presents an integrated picture of the Russian labour market in the aftermath of the early transition period and highlights the implications of the experience for current policy.