The Russian Economy in the Post-Soviet Era

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Case Details:

Case Code : ECON027
Case Length : 19 Pages
Period : 19915-2007
Pub. Date : 2008
Teaching Note :Not Available
Organization : --
Industry : -
Countries : Russian Federation

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Introduction Contd...

The troubled economic conditions together with political turmoil led to the dissolution of Soviet Union in 1991.

After the breakup of the Soviet Union in December 1991, Boris Yeltsin (Yeltsin) became the President of Russia. During his first term as President, Yeltsin introduced a program of macroeconomic stabilization and economic restructuring. The macroeconomic stabilization measures included reducing the government budget deficit, increasing government revenues, and controlling the expansion of money supply including the subsidized credit given to entrepreneurs.

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The government also lifted price controls, changed the tax system, and privatized several sectors of the economy.

However, in the early years of the program, the government was not successful in reducing government spending, or in controlling credit expansion and money supply growth. But later, with strict fiscal and monetary policies, the government achieved some of its objectives.

In 1996, Yeltsin was reelected as President of Russia. In the next two years, Russia experienced declining foreign exchange reserves and a fiscal situation that started to worsen again. In August, 1998, Russia faced a financial crisis when the value of the ruble declined by 75 percent and the country defaulted on its debt.

The financial crisis resulted in growing opposition to Yeltsin in the parliament; and in 2000 Vladimir Putin (Putin) was elected President of Russia...

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