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| Author: | Gaidar Y. |
| Title: | The IMF and Russia |
| Journal: | American Economic Review
1997 : MAY, VOL. 87:2, p. 13-16 |
| Index terms: | RUSSIA IMF INTERNATIONAL RELATIONS |
| Language: | eng |
| Abstract: | There is no use to set up essentially political tasks for the IMF and require the latter to resolve them. For a country-borrower it is necessary to maintain the tightness of criteria applied to a monetary program as a core element of financial stabilization. Whatever serious political reasoning is used to justify softening of such requirements, the result is the same, a capital outflow. The coordinated and gradual work of the government and a central bank with the IMF allows inflation rates to be cut sharply by applying orthodox monetary methods. An essential prerequisite for success is a joint creative analysis of economic and political problems arising in the course of stabilization, followed if necessary by an introduction of adequate changes to stabilization tactics. |
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