IDEAS home Printed from https://ideas.repec.org/p/ays/ispwps/paper0003.html
   My bibliography  Save this paper

IMF Conditionality and Objections: The Russian Case

Author

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, 2000. "IMF Conditionality and Objections: The Russian Case," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0003, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    • Handle: RePEc:ays:ispwps:paper0003
    as

    Download full text from publisher

    File URL: http://icepp.gsu.edu/files/2015/03/ispwp0003.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chelariu, Cristian & Bello, Daniel C. & Gilliland, David I., 2006. "Institutional antecedents and performance consequences of influence strategies in export channels to Eastern European transitional economies," Journal of Business Research, Elsevier, vol. 59(5), pages 525-534, May.
    2. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    3. L. Ivanova & V. Nygaard, 1999. "Institutions and the Emergence of Markets - Transition in the Murmansk Forest Sector," Working Papers ir99071, International Institute for Applied Systems Analysis.
    4. Yakovlev, Andrei, 1999. "Black cash tax evasion in Russia: Its forms, incentives and consequences at firm level," BOFIT Discussion Papers 3/1999, Bank of Finland Institute for Emerging Economies (BOFIT).
    5. Yum K. Kwan & Francis T. Lui & Leonard K. Cheng, 2001. "Credibility of Hong Kong's Currency Board: The Role of Institutional Arrangements," NBER Chapters, in: Regional and Global Capital Flows: Macroeconomic Causes and Consequences, pages 233-259, National Bureau of Economic Research, Inc.
    6. Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(4), pages 1-44, December.
    7. Guriev, Sergei & Makarov, Igor & Maurel, Mathilde, 2002. "Debt Overhang and Barter in Russia," Journal of Comparative Economics, Elsevier, vol. 30(4), pages 635-656, December.
    8. Grosfeld, Irena & Kolenikov, Stanislav & Paltseva, Elena & Sénik-Leygonie, Claudia & Verdier, Thierry, 1999. "Dynamism and Inertia on the Russian Labour Market: A Model of Segmentation," CEPR Discussion Papers 2224, C.E.P.R. Discussion Papers.
    9. Valev, Neven, 2004. "No pain, no gain: market reform, unemployment, and politics in Bulgaria," Journal of Comparative Economics, Elsevier, vol. 32(3), pages 409-425, September.
    10. Sophie Brana & Mathilde Maurel, 1999. "Barter in Russia: Liquidity Shortage versus Lack of Restructuring," William Davidson Institute Working Papers Series 271, William Davidson Institute at the University of Michigan.
    11. repec:zbw:bofitp:1999_003 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/6961 is not listed on IDEAS
    13. M. Pappila, 1999. "The Russian Forest Sector and Legislation in Transition," Working Papers ir99058, International Institute for Applied Systems Analysis.
    14. Kwo Ping Tam, 2016. "A New Comparative Study On The Free-Floating And Currency Board Regimes In Hong Kong," Bulletin of Economic Research, Wiley Blackwell, vol. 68(3), pages 218-238, April.
    15. Zhuravskaya, Ekaterina V., 2000. "Incentives to provide local public goods: fiscal federalism, Russian style," Journal of Public Economics, Elsevier, vol. 76(3), pages 337-368, June.
    16. Cappiello, Antonio, 2006. "I currency board come strumento di stabilizzazione economica: come funzionano e dove sono adottati [Currency boards as instrument for economic stabilisation: how they work and where they are adopte," MPRA Paper 4966, University Library of Munich, Germany.
    17. Tse, Y. K. & Yip, Paul S. L., 2003. "The impacts of Hong Kong's Currency Board reforms on the interbank market," Journal of Banking & Finance, Elsevier, vol. 27(12), pages 2273-2296, December.
    18. Vedran Sosic & Michael Faulend, 2002. "Dollarisation and the Underground Economy: Accidental Partners?," Occasional paper series 15, Institute of Public Finance.
    19. Yi-Chi Chen, 2013. "The Dynamics of Interbank Rate Behavior Under Alternative Monetary Regimes: The Case of Hong Kong," China Economic Policy Review (CEPR), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 1-21.
    20. Koráb, Petr & Fidrmuc, Jarko & Dibooglu, Sel, 2023. "Growth and inflation tradeoffs of dollarization: Meta-analysis evidence," Journal of International Money and Finance, Elsevier, vol. 137(C).
    21. Francois R. Velde & Marcelo Veracierto, 2000. "Dollarization in Argentina," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 24(Q I), pages 24-37.
    22. Tsang, Shu-ki & Ma, Yue, 2002. "Currency substitution and speculative attacks on a currency board system," Journal of International Money and Finance, Elsevier, vol. 21(1), pages 53-78, February.

    More about this item

    Keywords

    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ays:ispwps:paper0003. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Paul Benson (email available below). General contact details of provider: https://edirc.repec.org/data/ispgsus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.