Download Economic Prospects of the CIS: Sources of Long Term Growth by Gur Ofer, Richard W. T. Pomfret PDF

By Gur Ofer, Richard W. T. Pomfret

This publication brings jointly ten unique reviews at the transition and development event and the rules for long term progress of the newly self sustaining states created via the dissolution of the Soviet Union.

Beginning with an outline of the typical pre-1992 historical past and comparative info at the post-1992 functionality of the Commonwealth of self reliant States (CIS) nations, the authors proceed by means of reviewing the Soviet heritage and post-independence event. They then emphasize either the uniformity and variety of the twelve CIS international locations’ contemporary heritage. the matter of explaining monetary development in transition economies is additionally explored, and person in-depth nation experiences are awarded.

The participants to the ebook are a mixture of in-country researchers with in-depth neighborhood wisdom and entry to info, and foreign economists with technical services and event of long term development in different nations. This process guarantees the book’s attract lecturers and researchers of financial progress, transition and comparative economics. Economists assigned to the quarter or anybody CIS nation will locate the research valuable.

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By 2002 most of the countries managed to avoid extremely large external deficits, Azerbaijan, Armenia, Moldova excepted, but most CIS countries, even those with rich natural resources, accumulated significant external and internal debt in the process. Only a few succeeded in using borrowing for successful stabilization, restructuring and growth. All of them except for Russia started the transition with no debt and this provided an opportunity to borrow additional resources for growth and restructuring.

Paradoxes of Russian economic growth 35 In particular, we test whether it is expectations, or history, which is important for development of good institutions. The dependent variable is the index of quality of the government, constructed by Kaufman et al. (1999), and the list of independent variables includes proxies for the factors, suggested in Shleifer and Vishny (1998) and several other papers. 2 We also discuss the importance of initial conditions, macroeconomic policies and structural reforms for Russian economic development.

Worst of all, macroeconomic policy during the perestroika years was extremely irresponsible and led to the accumulation of monetary overhang. The latter undermined the whole mechanism of economic stimulus exactly at a time when these stimuli were supposed to replace directive planning as the major mechanism of the allocation of resources. As a result, the decline actually started in 1990 and continued in 1991, when the USSR was still in place and the centrally planned economy was still dominant.

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