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Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year

Author

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  • Mr. Steven T Phillips
  • Mr. Vincent Koen

Abstract

Prices in the Russian Federation have been decontrolled in several steps since early 1991, after decades of near fixity. This paper documents and analyzes the behavior of prices, income, consumption, and savings before and after the January 1992 price liberalization, with emphasis on developments during 1992, and with focus on households more than on enterprises. Comparisons are made with recent experience in Central and Eastern Europe, along with consideration of evidence on shortages and income distribution.

Suggested Citation

  • Mr. Steven T Phillips & Mr. Vincent Koen, 1993. "Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year," IMF Occasional Papers 1993/004, International Monetary Fund.
    • Handle: RePEc:imf:imfops:1993/004
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    Citations

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    Cited by:

    1. Muller, Christophe, 2002. "Prices and living standards: evidence for Rwanda," Journal of Development Economics, Elsevier, vol. 68(1), pages 187-203, June.
    2. Konstantin Gluschenko, 2004. "The Evolution of Cross-Region Price Distribution in Russia," William Davidson Institute Working Papers Series 2004-716, William Davidson Institute at the University of Michigan.
    3. Konstantin Gluschenko, 2016. "Distribution dynamics of Russian regional prices," Empirical Economics, Springer, vol. 51(3), pages 1193-1213, November.
    4. Seeth, Harm Tho & Chachnov, Sergei & Surinov, Alexander & Von Braun, Joachim, 1998. "Russian poverty: Muddling through economic transition with garden plots," World Development, Elsevier, vol. 26(9), pages 1611-1624, September.
    5. Christophe Muller, 2005. "Poverty and inequality under income and price dispersions," Canadian Journal of Economics, Canadian Economics Association, vol. 38(3), pages 979-998, August.
    6. Marek Dabrowski, 1993. "Two Years of Economic Reforms in Russia. Main Results," CASE Network Studies and Analyses 0009, CASE-Center for Social and Economic Research.
    7. Buch, Claudia M. & Hiemenz, Ulrich & Koop, Michael J. & Laaser, Claus-Friedrich & Lücke, Matthias & Schrader, Jörg-Volker & Schrader, Klaus & Engerer, Hella & Schrettl, Wolfram & Schrooten, Mechthild , 1993. "Die wirtschaftliche Lage Rußlands: Monetäre Orientierungslosigkeit und realwirtschaftlicher Aktionismus. Dritter Bericht," Kiel Discussion Papers 220/221, Kiel Institute for the World Economy (IfW Kiel).
    8. Bryan W. Roberts, 1997. "Welfare change and the elimination of the shortage economy in Russia: some representative‐household results1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 427-451, November.
    9. Berkowitz, Daniel & DeJong, David N. & Husted, Steven, 1998. "Quantifying Price Liberalization in Russia," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 735-760, December.
    10. Lopes-Carlos, Augusto, 2006. "Russia: competitiveness, growth, and the next stage of development," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 21-37, March.
    11. Konstantin Gluschenko, 2009. "Goods market integration in Russia during the economic upturn," Post-Communist Economies, Taylor & Francis Journals, vol. 21(2), pages 125-142.
    12. Kim, Byung-Yeon, 1999. "The Income, Savings, and Monetary Overhang of Soviet Households," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 644-668, December.
    13. William Easterly & Paulo Vieira da Cunha, 1994. "Financing the storm: macroeconomic crisis in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(4), pages 443-465, December.
    14. G. Alfandari & M.E. Schaffer, 1996. ""Arrears" in the Russian Enterprise Sector," CERT Discussion Papers 9608, Centre for Economic Reform and Transformation, Heriot Watt University.
    15. Qimiao Fan & Mark E. Schaffer, 1994. "Government financial transfers and enterprise adjustments in Russia, with comparisons to Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(2), pages 151-188, June.

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