By A. Vavilov
This ebook examines historical past of Russian funds within the interval of Russia's transition from communism to capitalism within the Nineteen Nineties and within the present decade. It makes a speciality of stumbling blocks to marketplace reforms and macroeconomic coverage offerings that ended in the country debt enlargement and the monetary problem of 1998.
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Extra resources for The Russian Public Debt and Financial Meltdowns
Example text
Under these circumstances the state could not prevent the partial loss of foreign currency control and allocation that occurred in the late 1980s. Before Gorbachev’s attempts to introduce market reforms, the export revenues of all Soviet enterprises were transferred to the government. It allocated foreign currency to industrial and trade ministries that purchased producer and consumer goods abroad. When new cooperatives and private commercial banks appeared in 1988, the currency regulation weakened considerably.
For example, I remember Boris Sobolev, then deputy finance minister of Ukraine, who was very enthusiastic in expressing his opinion in general discussions of sharing responsibility for the Soviet debt among all CIS countries. Yet usually he disappeared or at best pretended not to be concerned with the issue each time it came to the necessity for Ukraine to repay its debts. In addition, it would be hard to implement any joint responsibility agreement. It was absolutely unclear how to divide between the republics’ debts owed to different countries and of different terms, priorities and other quality characteristics.
142). The External Debt Crisis of the 1990s 31 The Russian Federation had to take full responsibility for the Soviet debt as a condition of maintaining its geopolitical status. Another issue was building a good reputation as a sovereign borrower as a precondition for the creation by the state of sound guarantees of property rights for foreign investors. A good attitude of foreign investors to Russia was, in turn, viewed as a prerequisite for the successful transition to the market and sustainable economic growth.