The Russian Economy in the Post-Soviet Era
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Case Code: ECON027 Case Length: 19 Pages Period: 1995-2007 Pub Date: 2008 Teaching Note: Not Available |
Price: Rs.400 Organization : - Industry : - Countries : Russian Federation Themes: Economics |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
The Russian Economy in the Post-Soviet Era
After the break up of the USSR, Boris Yeltsin (Yeltsin) became the President of the Russian Federation (Refer Exhibit I for a map of Russia). As Gorbachev had more or less failed in his efforts to transform the centrally planned economy into one that was more market-based, the Yeltsin government started to implement measures seen as necessary to achieve this transformation. In October 1991, Yeltsin and his advisers, including reform economist Yegor Gaidar , began implementing a program of radical economic reforms including macroeconomic stabilization and economic restructuring, known as "shock therapy...
The Putin Era
The December 1999 elections to the State Duma and the March 2000 presidential elections changed Russia's political scene. Parliament's support to the market-oriented policies of Putin and Prime Minister Mikhail Kasyanov and their legislative initiatives helped accelerate the pace of economic transformation...
Some Perspectives
In early 2007, Russia became a trillion dollar economy (on the basis of PPP). However, according to many analysts as Russia's economy was heavily depended on revenues earned from oil exports, it would be strongly impacted any changes in the price of oil. A big decline in the price of oil was a risk factor in sustaining high economic growth (Refer Exhibit VI for crude oil prices between 1992 and 2007)...
Outlook
In November 2007, the World Bank released a report on the Russian economy which said that Russia should take action to manage the inflationary situation. In the report, inflation was described as "the most notable monetary development in 2007," and added that without proper intervention inflation would increase further from the current 11 percent, and that the rise in inflation would lead to price distortions...
Exhibits
Exhibit I: Map of Russia
Exhibit II: Some Economic Indicators of Russia: 1993-1998
Exhibit III: Russia's Foreign Exchange Reserves: 1992-2000
Exhibit IV: GDP Growth and Inflation in Russia: 1998-2006
Exhibit V: Some Macroeconomic Indicators for Russia: 2003-2008
Exhibit VI: Crude Oil Prices 1992-2007
Exhibit VII: Fixed Capital Investment by Different Sectors (% of Total)
Exhibit VIII: Share of FDI by Different Sectors (% of Total)
Exhibit IX: Exchange Rate of Ruble against United States Dollar: 2002-2006
Exhibit X: Some Projected Economic Indicators for Russia: 2007-2012
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