Portal de Periódicos da CAPES

New Benchmarks of Economic Policy

1998; M. E. Sharpe; Volume: 41; Issue: 4 Linguagem: Inglês

10.2753/pet1061-1991410448

1557-931X

Egor S. Stroev,

Economic and Technological Developments in Russia

Abstract The scope of economic transformation in Russia is enormous, and it is not possible to solve all of the accumulated problems in this area in a timely or concrete fashion. There is nothing surprising in the fact that the turnaround of economic policy in the direction of economic growth will seem premature to some. The unfavorable foreign as well as domestic circumstances are the basis for such opinions. The Russian economy did not circumvent the crisis in the financial markets of Southeast Asia. The Central Bank of the Russian Federation had to raise the refinancing rate for a time, making interbank credit more expensive. The funds to service the market for state debt obligations were manifestly insufficient under conditions of grave budgetary crisis and declines in currency receipts. The country's major banks have been put in a difficult situation, and they have been forced to direct their liquid funds toward the stabilization of the securities market and the payment of debts to foreign banks that are members of the London Club.