External Liberalization in a Large Country: The Contribution to the Transition Process in Russia
It is still widely debated whether the Russian economy underwent shock therapy after Yegor Gaidar started market reforms in 1992. While some steps of the transformation, such as privatization, were tackled fairly quickly and comprehensively, others, such as the control of the money supply and price liberalization, were less radically approached than in other countries. However, the quality of a transformation strategy is not only to be judged by speed: the consistency of the different measures also counts. This paper will discuss the liberalization of the external sector and its interaction with other parts of the transformation process.
KeywordsExchange Rate Real Exchange Rate Purchase Power Parity Large Country Nominal Exchange Rate
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