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IMF Conditionality and Objections: The Russian Case

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  • Jorge Martinez‐Vazquez
  • Felix Rioja
  • Samuel Skogstad
  • Neven Valev

Abstract

Emerging economies in crisis typically request assistance from the International Monetary Fund (IMF). After evaluating the situation, the IMF makes a loan available to the country, conditional on certain policy reforms. Governments usually resist many of these measures and negotiation ensues. This paper analyzes the most contentious measures of IMF conditionality in the context of Russia after the August 1998 crisis. The most discussed measures include the budget deficit, structural reforms, and exchange rate policy. Our analysis suggests that to some extent the disagreement arose because the IMF is focused on changing steady states somewhat ignoring the transition path, while the Russian government is preoccupied with transitional dynamics without a clearly defined steady state concept.

Suggested Citation

  • Jorge Martinez‐Vazquez & Felix Rioja & Samuel Skogstad & Neven Valev, 2001. "IMF Conditionality and Objections: The Russian Case," American Journal of Economics and Sociology, Wiley Blackwell, vol. 60(2), pages 501-517, April.
    • Handle: RePEc:bla:ajecsc:v:60:y:2001:i:2:p:501-517
    DOI: 10.1111/1536-7150.00072
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    References listed on IDEAS

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    1. Clifford Gaddy & Barry W. Ickes, 1998. "To Restructure or Not to Restructure: Informal Activities and Enterprise Behavior in Transition," William Davidson Institute Working Papers Series 134, William Davidson Institute at the University of Michigan.
    2. Ms. Elaine Karen Buckberg, 1997. "Legal and Institutional Obstacles to Growth and Business in Russia," IMF Policy Discussion Papers 1997/008, International Monetary Fund.
    3. Schwartz, Anna J., 1993. "Currency boards: their past, present, and possible future role," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 147-187, December.
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