Russia's attempts at transformation into a market economy have so far resulted in a prolonged and steep economic decline. This is in stark contrast to developments in other formerly socialist countries where an initial period of economic decline was followed by strong growth. What are the reasons behind the adverse development of the Russian economy? What policy changes are required to bring Russia stability, growth and prosperity?
KeywordsForeign Direct Investment Central Bank Foreign Direct Investment Inflow Foreign Debt World Market Price
Unable to display preview. Download preview PDF.
- 1.A. Aslund: How Russia became a Market Economy, The Brookings Institution, Washington D.C. 1995.Google Scholar
- 2.P. J. J. Welfens: EU Eastern Enlargement and the Russian Transformation Crisis, New York and Heidelberg 1999.Google Scholar
- 3.E. Gavrilenkov, V. Koen: How large was the Output Collapse in Russia? Alternative Estimates and Welfare Implications, International Monetary Fund, Working Paper WP/94/154, December 1994.Google Scholar
- 4.J. N. Bhagwati: Immiserizing Growth, Reprinted in: American Economic Association: Readings in International Economics, Homewood, III. 1967.Google Scholar
- 5.A. N. Brown, B. W. Ickes, R. Ryterman: The Myth of Monopoly: A New View of Industrial Structure in Russia, The World Bank, Washington, October 1993.Google Scholar
- 6.H. Hoelzler: Privatisierung und Einführung von Wettbewerb in Rußland, European Institute of International Economic Relations, Discussion Paper No. 53, Potsdam 1996; P. J. J. Welfens, K. Gloede, H. G. Strohe, D. Wagner (eds.): Systemtransformation in Deutschland und Rußland, Heidelberg and New York 1998.Google Scholar
- 7.T. Boeri: Heterogeneous Workers, Economic Transformation and the Stagnancy of Transitional Unemployment, in: European Economic Review, Vol. 41, 1997, pp. 905–914.Google Scholar
- 8.U. Heilemann, K. Löbbe: The Structural Renewal of Eastern Germany: Some Initial Observations, in: P. J. J. Welfens (ed.): Economic Aspects of German Unification, New York 1996, pp. 9–38.Google Scholar
- 9.DIW/IfW/IWH: Die wirtschaftliche Lage Rußlands, in: DIW Wochenbericht 18/1998.Google Scholar
- 10.R. G. King, R. Levine: Finance and Growth: Schumpeter May Be Right, in: Quarterly Journal of Economics, Vol. 108, 1993, pp. 717–737.Google Scholar
- 11.For empirical evidence see A. Demirgückunt, E. Detragiache: Financial Liberalization and Financial Fragility, Contribution to the Annual World Bank Conference on Development Economics, Washington D. C. 1998.Google Scholar
- 12.A. Jochem: Currency Board and Crawling Peg, in: INTERECONOMICS, Vol. 33, 1998, No. 6, pp. 289–293.Google Scholar
- 13.P. J. J. Welfens et al. (eds.): Towards Competition in Network Industries: Telecommunications, Energy and Transportation in Europe and Russia, Heidelberg and New York, forthcoming.Google Scholar