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| Author: | Leijonhufvud, A. Rühl, C. |
| Title: | Russian dilemmas |
| Journal: | American Economic Review
1997 : MAY, VOL. 87:2, p. 344-348 |
| Index terms: | RUSSIA ECONOMIC CONDITIONS STRUCTURAL CHANGE |
| Language: | eng |
| Abstract: | The performance of the transition economies varies from agonizing to encouraging. For the major successor states to the Soviet Union, the transition is proving to be a hard road. The debate has shifted to the issue of whether the degree to which countries succeed fin controlling inflation suffices to explain the differences in their growth peformance. Monetary stability is a necessary condition for satisfactory growth. Thisc paper discusses some aspects of the legacy of the socialist past that make Russia's macropolicy problems rather different from those of the Latin American. The paper considers the structure of inherited capital stock and the lack of financial instruments, markets and institutions. |
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