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Russia's Debt Crisis and the Unofficial Economy

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Author Info

  • Claudia M. Buch
  • Ralph P. Heinrich
  • Lusine Lusinyan
  • Mechthild Schrooten

Abstract

Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the government in servicing foreign debt and promoting institution building by showing how foreign debt influences the choice between official and unofficial taxation. The enterprise sector is assumed to reallocate its resources between domestic investment and capital flight. It is discussed under which conditions debt rescheduling may create incentives for the government to promote institution building. The results of this paper shed light on the conditions under which the recent agreement with the London Club to write off substantial amounts of former Soviet debt can be successful.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.38532.de/dp208.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 208.

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Length: 28 p.
Date of creation: 2000
Date of revision:
Handle: RePEc:diw:diwwpp:dp208

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Related research

Keywords: Foreign debt; debt restructuring; Russian Federation;

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References

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  1. Bowe, M. & Dean, J.W., 1997. "Has the Market Solved the Sovereign-Debt Crisis?," Princeton Studies in International Economics 83, International Economics Section, Departement of Economics Princeton University,.
  2. Buch, Claudia M & Heinrich, Ralph P, 1999. "Twin Crises and the Intermediary Role of Banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(4), pages 313-23, October.
  3. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
  4. Kaufmann, Daniel & Kaliberda, Aleksander, 1996. "Integrating the unofficial economy into the dynamics of post-socialist economies : a framework of analysis and evidence," Policy Research Working Paper Series 1691, The World Bank.
  5. Friedrich Schneider & Dominik Enste, 2000. "Shadow Economies Around the World," IMF Working Papers 00/26, International Monetary Fund.
  6. Leijonhufvud, Axel & Ruhl, Christof, 1997. "Russian Dilemmas," American Economic Review, American Economic Association, vol. 87(2), pages 344-48, May.
  7. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
  8. Kamau Thugge & Anthony R. Boote, 1997. "Debt Relief for Low-Income Countries and the HIPC Initiative," IMF Working Papers 97/24, International Monetary Fund.
  9. Ilan Goldfajn & Rodrigo O. Valdés, 1997. "Capital Flows and the Twin Crises," IMF Working Papers 97/87, International Monetary Fund.
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Citations

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Cited by:
  1. Buch, Claudia M. & Lusinyan, Lusine & Engerer, Hella & Lodahl, Maria & Schrettl, Wolfram & Schrooten, Mechthild, 2000. "Russlands Wirtschaftspolitik setzt auf Investitionen," Kiel Discussion Papers 360, Kiel Institute for the World Economy (IfW).
  2. Richard Hainsworth & William Tompson, 2002. "Tax Policy and Tax Administration in Russia: The Case of the Banking Sector," Post-Communist Economies, Taylor & Francis Journals, vol. 14(3), pages 277-300.
  3. Bernhard Seidel & Mechthild Schrooten, 2000. "Fiscal Federalism and Financial Resources for Regional Development - Co-operative and Competitive Models: The International Experience - an Example for Russia?," Discussion Papers of DIW Berlin 220, DIW Berlin, German Institute for Economic Research.
  4. Mechthild SCHROOTEN, 2003. "Fiscal Federalism And Regional Development In Russia," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 18, pages 53-72.

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