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External Borrowing in the Baltics, Russia, and Other States of the Former Soviet Union: The Transition to a Market Economy

Author

Listed:
  • Mr. John C. Odling-Smee
  • Mr. Basil B. Zavoiceo

Abstract

The external debt of many countries of the Baltics, Russia, and the former Soviet Union has been growing rapidly in recent years and has played an important part in the transition process. However, it is vital to strike a balance between financing transition and ensuring that the external debt is not used to finance wasteful expenditures or delay the transition process. This is especially important since the rising stock of external debt makes the borrowing countries increasingly vulnerable to changes in perceived creditworthiness. Accordingly, countries must adopt policies, including pressing ahead with structural reforms, to ensure that the borrowing is used to promote sound growth.

Suggested Citation

  • Mr. John C. Odling-Smee & Mr. Basil B. Zavoiceo, 1998. "External Borrowing in the Baltics, Russia, and Other States of the Former Soviet Union: The Transition to a Market Economy," IMF Policy Discussion Papers 1998/005, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1998/005
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    Cited by:

    1. Mr. Sanjeev Gupta & Mr. Alejandro Simone & Mr. Alex Segura-Ubiergo, 2006. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," IMF Working Papers 2006/244, International Monetary Fund.

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