Macroeconomic Developments in the Baltics, Russia, and Other Countries of the Former Soviet Union, 1992-97
International Monetary Fund, 1998 - Baltic States - 30 pages
This paper discusses the significant overall progress with macro stabilization of these transition countries during 1992-1997. While average inflation declined steadily since 1992, output fell significantly for many of these countries during this period, and it was not unti 1996-97 that as a group they experienced positive growth, financial policies, the current account, competitiveness, debt-and non-debt-creating capital flows, and the initial impact of the Asian crisis.
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1MF-supported programs advanced and intermediate Advanced reformers affected by conflict annual average Appendix Armenia Arrangement SBA Arrangement STFl STFll/SBA Asian crisis Asian financial crisis Azerbaijan Baltics Belarus billion bond broad money Central Bank coun Current account balance current account deficits developing domestic assets EBRD ESAF Estonia exports external current account financial markets FINANCIAL POLICIES fiscal deficits foreign direct investment foreign exchange markets former Soviet Union Georgia imbalances inflation intermediate reformers Kazakhstan Kyrgyz Republic Latvia left scale Lithuania lMF staff estimates ln percent ln simple unweighted lnternational Monetary Fund macroeconomic macroeconomic stability Memorandum item ment Moldova National authorities nomic nominal exchange rate percent of GDP Prelim progress ratio real exchange rate ro fN ro ro rsl ro Russia and Ukraine sb ro SBA SBA SBA sector simple unweighted averages Sources staff team led structural reform Table Tajikistan Transition Report trend Turkmenistan U.S. dollars Ukraine Uzbekistan World Economic Outlook