Front Matter

Front Matter

Luis Valdivieso
Published Date:
January 1999
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© 1998 International Monetary Fund

Production: IMF Graphics Section

Typesetting and figures: Choon Lee

Cataloging-in-Publication Data

Macroeconomic developments in the Baltics, Russia, and other countries of the former Soviet Union, 1992–97 / Luis M. Valdivieso.

p. cm. —(Occasional paper, ISSN 0251–6365 ; no. 175)

Includes bibliographical references.

ISBN 1–55775-780–1

1. Baltic States—Economic conditions. 2. Baltic States—Economic policy. 3. Baltic States—Monetary policy. 4. Russia (Federation)—Economic conditions. 5. Russia (Federation)—Economic policy. 6. Russia (Federation)—Monetary policy. 7. Former Soviet republics—Economic conditions. 8. Former Soviet republics—Economic policy. 9. Former Soviet republics—Monetary policy. I. International Monetary Fund. II. Series: Occasional paper (International Monetary Fund); no. 175. HC243.V24 1998

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The following symbols have been used throughout this paper:

  • … to indicate that data are not available;

  • — to indicate that the figure is zero or less than half the final digit shown, or that [he item does not exist;

  • – between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

  • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


This paper was prepared by Luis Valdivieso for the Eleventh Coordination Meeting of Cooperating Central Banks and International Institutions, Basle. Switzerland. May 11–12. 1998. It has benefited from comments from a large number of IMF colleagues, in particular Stanley Fischer, John Odling-Smee, Jorge Marquez-Ruarte, and Arne Petersen.

The paper covers the period 1992 up to developments in early 1998. The subsequent financial and payments crisis in Russia is expected to worsen that country’s rate of inflation and its prospects for growth in the immediate future, and to have a negative influence on the growth of the other countries in the region. It does not, however, invalidate any of the views expressed in the following pages, A comprehensive and updated description of the Russian crisis is provided in the October 1998 World Economic Outlook.

Diane Fisher from the European II Department provided research assistance. Gail Berre from the External Relations Department edited and coordinated production of the publication. Any views expressed in this paper are those of the author and should not he attributed to the IMF, its Executive Directors, or the authorities of any member country.

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