|
Russian Dilemmas
The performance of the "transition economies" varies from very encouraging to
agonising. For the major successor states to the Soviet Union, the transition
is proving a long, hard road. Recovery is just around the corner, we are told,
but so far that corner stays at least another block away. In this paper, we
want to discuss some aspects of the legacy of the socialist past that make
Russia's (or Ukraine's) macroeconomic policy problems rather different from
those of the Latin American countries whose stabilisations are often cited as
models for the USSR successor states. In particular, we want to consider (1)
the structure of the inherited capital stock and (2) the lack of financial
instruments, institutions, and markets.
|
|
