Abstract

Russia Rebounds analyzes Russia’s dramatic economic recovery since the country’s 1998 financial crisis, emphasizing macroeconomic issues and fiscal and banking sector reforms. The crisis was a massive shock to the system and a considerable surprise to both Russians and foreign investors, who a year before had come to think that the worst of the transition from a centrally planned to a market economy was over. Macroeconomic performance since the crisis has been impressive. The book assesses the contribution of various factors underlying this recovery and highlights key policy challenges to ensure its sustainability.

Russia Rebounds, edited by David Owen and David O. Robinson, analyzes Russia’s dramatic economic recovery since the country’s 1998 financial crisis, with emphasis on macroeconomic issues and fiscal and banking sector reforms. The crisis, which involved a default on domestic public debt and a devaluation of the ruble, was a massive shock to the system and a considerable surprise to both Russians and foreign investors, who a year before had come to think that the worst of the transition from a centrally planned to a market economy was over.

Macroeconomic performance since the crisis has been impressive. The book assesses the contribution of various factors underlying this recovery—strengthened macroeconomic policy making, an acceleration in structural reforms, the high oil prices, and the postcrisis gain in competitiveness associated with devaluation of the ruble. The authors highlight key policy challenges that the authorities will have to overcome to ensure that the postcrisis recovery is sustained.

RUSSIA REBOUNDS