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Russia and the Soviet Union Then and Now

Author

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  • Stanley Fischer

Abstract

The main focus of this paper is on the process and progress of economic reform in Russia. But I start with four historical questions that bear on the current situation. How advanced was Russia in 1913? What relevance, if any, does the New Economic Policy of the 19205, or NEP, have for the current situation? Why did economic growth in the Soviet Union slow in the 1970s and 1980s? What role did Gorbachev's policies play in bringing about the final collapse of the Soviet Union? Russia's approach to reform is similar to that in several East European countries. It differs in having started with a major price liberalization, before macroeconomic stabilization was assured. I then tum to the close links between macroeconomic stabilization and enterprise restructuring that have emerged in the Russian political process, and analyze the need for an explicit industrial restructuring policy that goes beyond privatization. The paper concludes with a discussion of the interrelated questions of inter-republican trade, payments, and new currencies. I describe and evaluate the case for an inter-republican payments union or the more modest type of organization, an inter-republican payments mechanism, that is likely to emerge.

Suggested Citation

  • Stanley Fischer, 1992. "Russia and the Soviet Union Then and Now," NBER Working Papers 4077, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:4077
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    Cited by:

    1. Johnson, Simon & Kouvelis, Panos & Sinha, Vikas, 1997. "On Reform Intensity under Uncertainty," Journal of Comparative Economics, Elsevier, vol. 25(3), pages 297-321, December.
    2. Pastor, Manuel Jr & Zimbalist, Andrew, 1995. "Waiting for change: Adjustment and reform in Cuba," World Development, Elsevier, vol. 23(5), pages 705-720, May.
    3. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    4. Jacques Fontanel, 2001. "La double transition civile et militaire de la Russie," Post-Print hal-03546866, HAL.
    5. Olusola Ogunnubi & Adeoye Akinola, 2017. "South Africa and the Question of Hegemony in Africa," Journal of Developing Societies, , vol. 33(4), pages 428-447, December.
    6. Kirrane, Chris, 2003. "The Choice of Exchange Rate Regimes for EU Accession Countries," MPRA Paper 88877, University Library of Munich, Germany.
    7. Jacques Fontanel, 1998. "A propos de la transition économique en Russie," Post-Print hal-03548701, HAL.
    8. Willem Buiter & Clemens Grafe, 2001. "Banque centrale et choix de régimes de change pour les pays candidats à l’adhésion," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 315-347.
    9. repec:ejw:journl:v:15:y:2018:i:3:p:290-300 is not listed on IDEAS
    10. Orlowski, Lucjan T, 1995. "Direct Transfers between the Former Soviet Union Central Budget and the Republics: Past Evidence and Current Implications," Economic Change and Restructuring, Springer, vol. 28(1), pages 59-73.
    11. Brainerd, Elizabeth, 2010. "Reassessing the Standard of Living in the Soviet Union: An Analysis Using Archival and Anthropometric Data," The Journal of Economic History, Cambridge University Press, vol. 70(1), pages 83-117, March.
    12. Orlowski, Lucjan T., 1993. "The disintegration of the ruble zone: Driving forces and proposals for policy change," Kiel Working Papers 585, Kiel Institute for the World Economy.
    13. Jacques Fontanel, 1998. "Une Russie trop affaiblie peut devenir une menace pour le monde entier," Post-Print hal-03738217, HAL.
    14. Willem H. Buiter & Clemens Grafe, 2001. "Central Banking and the Choice of Currency Regime in Accession Countries," SUERF Studies, SUERF - The European Money and Finance Forum, number 11 edited by Morten Balling, May.
    15. da Rocha, Bruno T., 2015. "Let the markets begin: The interplay between free prices and privatisation in early transition," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 350-370.
    16. Jo Reynaerts & Jakob Vanschoonbeek, 2022. "The economics of state fragmentation: Assessing the economic impact of secession," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(1), pages 82-115, January.
    17. Sonin, Konstantin & Acemoglu, Daron & Egorov, Georgy, 2020. "Institutional Change and Institutional Persistence," CEPR Discussion Papers 15295, C.E.P.R. Discussion Papers.
    18. Easterly, William & Fischer, Stanley & DEC, 1994. "The Soviet economic decline : historical and republican data," Policy Research Working Paper Series 1284, The World Bank.

    More about this item

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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