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https://doi.org/10.32609/j.ruje.8.90947
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Thirty years of economic transistion in the former Soviet Union: marcroeconomic dimension
[journal article]
Abstract The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet Union (FSU) from 1992 to 2021, after obtaining political and economic independence in 1991. Special attention is given to problems of macroeconomic stabilization and economic growth.... view more
The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet Union (FSU) from 1992 to 2021, after obtaining political and economic independence in 1991. Special attention is given to problems of macroeconomic stabilization and economic growth. As a result of structural distortions inherited from the Soviet economy and the slow pace of economic and institutional reforms, the FSU countries suffered from a long and deep output decline in the 1990s. Their post-transition growth recovery in the 2000s did not last long. Furthermore, they remain vulnerable to both domestic and external economic shocks. Given the limited predictability of post-COVID global economic trends and the damaging consequences of the war in Ukraine, this vulnerability will likely continue in the next couple of years.... view less
Keywords
national debt; financial crisis; inflation; economic growth
Classification
Social History, Historical Social Research
Free Keywords
economic transition; macroeconomic stabilization; exchange rate; balance of payments; public debt
Document language
English
Publication Year
2022
Page/Pages
p. 95-121
Journal
Russian Journal of Economics, 8 (2022) 1
ISSN
2618-7213
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0