Restructuring, Stabilizing and Modernizing the New Russia

Restructuring, Stabilizing and Modernizing the New Russia

Author: Paul J.J. Welfens

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 508

ISBN-13: 364257257X

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Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.


Russia's Output Collapse and Recovery

Russia's Output Collapse and Recovery

Author: Eteri Kvintradze

Publisher: International Monetary Fund

Published: 2010-04-01

Total Pages: 29

ISBN-13: 1451982593

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The health of the Russian economy still depends heavily on natural resource revenues. The history of the economic collapse and recovery in 1970–2004 provides new evidence on the sources of Russian economic growth, while a survey of the economic literature suggests that the Russian economy could be viewed as a weighted combination of virtual and normal forces. If the Russian economy is considered to be dominated by normal market economy forces, higher energy export receipts provide an opportunity for structural reforms while compensating for social costs, making the economy less vulnerable to decline in world energy prices. However, the domination of virtual forces—value transfers from the energy sector to strategic enterprises—suggests that high world energy prices are masking an inefficient manufacturing sector, and that the Russian economy is highly vulnerable to energy price declines.


Enterprise Restructuring and Economic Policy in Russia

Enterprise Restructuring and Economic Policy in Russia

Author: Simon Commander

Publisher: World Bank Publications

Published: 1996-01-01

Total Pages: 312

ISBN-13: 9780821337257

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Considers the achievements and challenges facing East Asia's workers. The report reviews labor outcomes and evaluates the benefits of rapid growth to workers and the impact that the region's role in the global economy has had on them. It also examines labor market policies and institutions in the region, labor in the transition economies, and the outlook for East Asian workers in the 21st century. Also available: World Development Report 1995: Workers in an Integrating World Stock no. 61102 (ISBN 0-19-521102-2).


Russia

Russia

Author: Brian Henry

Publisher:

Published: 2011

Total Pages: 0

ISBN-13:

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The financial collapse in Russia in the summer of 1998 was a profound shock to the efforts to reform the Russian economy. It was also thought that it would seriously worsen the short- and medium-term outlook for growth and inflation. In this article, Brian Henry and Evgeny Gavrilenkov argue that the most recent data show that the more pessimistic of these views were probably misplaced; modest but significant growth has been evident since the collapse without substantial increases in inflation. The real improvements, in so far as they are simply the results of devaluation and the beneficial effects of the increase in the world oil price, could prove to be temporary, although there are more hopeful indicators with the recent increases in investment. But to ensure sustainable recovery, fundamental improvements in the structure of the economy, especially in the areas of industrial and financial restructuring, are needed. Meanwhile, they argue that it would be very beneficial for medium-term prospects if progress is made on the twin problems of external debt reduction and tax reform.


Is Russia Restructuring?

Is Russia Restructuring?

Author: Harry G. Broadman

Publisher: World Bank Publications

Published: 2001

Total Pages: 38

ISBN-13:

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The authors explore the labor dynamics of Russian enterprise restructuring, empirically assessing how patterns of job creation and destruction are related to various aspects of enterprise restructuring across firms in different sectors and regions, and to different forms, sizes, vintages, and performance characteristics of ownership. Evidence from case studies - based on more than 50 site visits in 2000 - suggests that jobs have been destroyed, but only to a limited degree in some sectors and regions, largely because of institutional and incentive constraints and a still-widespread "socialist" corporate culture. Jobs have been created - particularly in sectors where devaluation had the most pronounced effect on important substitution and export promotion - but only slowly, mostly for lack of skilled workers and because regional mobility is limited. Labor turnover appears higher within regions than across regions. Newly available data for 1996 - 99 (provided by Goskomstat) for about 128,000 enterprises in 24 industrial sectors in Russia's 89 regions indicates that the typical firm has experienced only modest downsizing - about 12 percent - in number of employees. Smaller firms have entered, and larger, mature businesses have exited some sectors. Except for a lull in 1998, the rate of job creation has steadily increased and the rate of job destruction has declined, dropping substantially in 1998 - 99. "Voluntary" worker separations remain the main - and growing - form of layoff, and the proportion of layoffs through redundancies is shrinking (now about 4 percent of total separations). Firm size and net employment growth are not statistically related, but form of ownership seems to matter. Firm size is also statistically correlated (positively) with profitability, but restructuring through changes in net employment growth appears not to be. It seems Russian restructuring needs to become more efficient.


Russia's Economic Transitions

Russia's Economic Transitions

Author: Nicolas Spulber

Publisher: Cambridge University Press

Published: 2003-04-10

Total Pages: 448

ISBN-13: 1139441817

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Russia's Economic Transitions examines the three major transformations that the country underwent from the early 1860s to 2000. The first transition, under Tsarism, involved the partial break-up of the feudal framework of land ownership and the move toward capitalist relations. The second, following the Communist revolution of 1917, brought to power a system of state ownership and administration - a sui generis type of war-economy state capitalism - subjecting the economy's development to central commands. The third, started in the early 1990s and still unfolding, is aiming at reshaping the inherited economic fabric on the basis of private ownership. The three transitions originated within different settings, but with a similar primary goal, namely the changing of the economy's ownership pattern in the hopes of providing a better basis for subsequent development. The treatment's originality, impartiality and historical breadth have cogent economic, social and political relevance.


The Russian Way of War

The Russian Way of War

Author: Lester W. Grau

Publisher: Mentor Military

Published: 2018

Total Pages: 0

ISBN-13: 9781940370194

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Force Structure, Tactics, and Modernization of the Russian Ground Forces The mighty Soviet Army is no more. The feckless Russian Army that stumbled into Chechnya is no more. Today's Russian Army is modern, better manned, better equipped and designed for maneuver combat under nuclear-threatened conditions. This is your source for the tactics, equipment, force structure and theoretical underpinnings of a major Eurasian power. Here's what the experts are saying: "A superb baseline study for understanding how and why the modern Russian Army functions as it does. Essential for specialist and generalist alike." -Colonel (Ret) David M. Glantz, foremost Western author on the Soviet Union in World War II and Editor of The Journal of Slavic Military Studies. "Congratulations to Les Grau and Chuck Bartles on filling a gap which has yawned steadily wider since the end of the USSR. Their book addresses evolving Russian views on war, including the blurring of its nature and levels, and the consequent Russian approaches to the Ground Forces' force structuring, manning, equipping, and tactics. Confidence is conferred on the validity of their arguments and conclusions by copious footnoting, mostly from an impressive array of primary sources. It is this firm grounding in Russian military writings, coupled with the authors' understanding of war and the Russian way of thinking about it, that imparts such an authoritative tone to this impressive work." -Charles Dick, former Director of the Combat Studies Research Centre, Senior Fellow at the Defence Academy of the United Kingdom, author of the 1991 British Army Field Manual, Volume 2, A Treatise on Soviet Operational Art and author of From Victory to Stalemate The Western Front, Summer 1944 and From Defeat to Victory, The Eastern Front, Summer 1944. "Dr. Lester Grau's and Chuck Bartles' professional research on the Russian Armed Forces is widely read throughout the world and especially in Russia. Russia's Armed Forces have changed much since the large-scale reforms of 2008, which brought the Russian Army to the level of the world's other leading armies. The speed of reform combined with limited information about their core mechanisms represented a difficult challenge to the authors. They have done a great job and created a book which could be called an encyclopedia of the modern armed forces of Russia. They used their wisdom and talents to explore vital elements of the Russian military machine: the system of recruitment and training, structure of units of different levels, methods and tactics in defense and offence and even such little-known fields as the Arctic forces and the latest Russian combat robotics." -Dr. Vadim Kozyulin, Professor of Military Science and Project Director, Project on Asian Security, Emerging Technologies and Global Security Project PIR Center, Moscow. "Probably the best book on the Russian Armed Forces published in North America during the past ten years. A must read for all analysts and professionals following Russian affairs. A reliable account of the strong and weak aspects of the Russian Army. Provides the first look on what the Russian Ministry of Defense learned from best Western practices and then applied them on Russian soil." -Ruslan Pukhov, Director of the Moscow-based Centre for the Analysis of Strategies and Technologies (CAST) and member of the Public Council of the Russian Federation Ministry of Defense. Author of Brothers Armed: Military Aspects of the Crisis in Ukraine, Russia's New Army, and The Tanks of August.


Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010

Author: Mr.Udaibir S. Das

Publisher: International Monetary Fund

Published: 2012-08-01

Total Pages: 128

ISBN-13: 1475505531

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This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.


Russia's Response to Sanctions

Russia's Response to Sanctions

Author: Richard Connolly

Publisher: Cambridge University Press

Published: 2018-07-05

Total Pages: 245

ISBN-13: 1108415024

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The first in-depth scholarly analysis of the effects of Western sanctions, and Russia's response on the Russian economy.