- Benedicte Christensen
- Published Date:
- December 1994
The Russian Federation in Transition External Developments
Benedicte Vibe Christensen
INTERNATIONAL MONETARY FUND
© 1994 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Christensen, Benedicte Vibe.
The Russian Federation in transition : external developments / Benedicte Vibe Christensen.
p. cm.—(Occasional paper, ISSN 0251-6365 ; no. 111)
Includes bibliographical references.
1. Russia (Federation)—Foreign economic relations. 2. Soviet Union—Foreign economic relations. 3. Former Soviet republics—Foreign economic relations. 4. Russia (Federation)—Economic policy—1991- 5. Soviet Union—Economic policy—1986-1991. 6. Former Soviet republics—Economic policy. I. Title. II. Series: Occasional paper (International Monetary Fund) ; no. 111.
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- I. Introduction
- II. Macroeconomic Imbalances and Three Systemic Shocks
- III. Balance of Payments Developments
- IV. External Debt and Assets
- V. Conclusions
- III. 1. Net Savings Balance
- 2. Balance of Payments (Excluding Transactions with Countries of the Former U.S.S.R.)
- 3. External Debt-Service Obligations
- 4. Energy Balance
- 5. Financial Assistance to Russia in 1992
- IV. 6. External Debt in Convertible Currencies
- 7. Agreements on External Debt and Assets of the Former U.S.S.R.: Status by end-June 1993
- I. A1. Trade Liberalization Measures Taken by Selected Industrial Countries and the European Community
- II. A2. Restrictive Trade Measures Taken by Selected Industrial Countries and the European Community
- III. A3. Russia’s Interrepublican Trade at Domestic and World Market Prices in 1990
- IV. A4. Financial Assistance to Russia Announced in 1993
- V. A5. Russia’s Balance of Payments with States of the Former U.S.S.R.
- A6. Russia’s Trade with Countries Outside the Former U.S.S.R.
- A7. Imports of Agricultural Products from Outside the Former U.S.S.R.
- A8. Trade Outside the Former U.S.S.R. by Product Group
- A9. Exports of Selected Products to States of the Former U.S.S.R.
- A10. Imports of Selected Products from States of the Former U.S.S.R.
- A11. External Debt Service Obligations in Convertible Currencies of the Former U.S.S.R.
- II. 1. Russia’s Trade with Countries Outside the Former U.S.S.R.
- 2. Arms Exports and Claims on Developing Countries by the Former U.S.S.R.
- III. 3. Russia’s Production and Exports of Energy to Countries Outside the Former U.S.S.R.
- 4. Official Reserves
- 5. Imports and NMP (GDP)
- 6. Foreign Assets and Foreign Exchange Deposits
- IV. 7. External Debt of the Former U.S.S.R. and Exports
- III. 1. Balance of Payments Statistics
- IV. 2. Relations with the IMF
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 the item does not exist;
- –between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1991/92) 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.
The Russian Federation (subsequently referred to as Russia) has recently witnessed a turbulent period in terms of political and economic developments: the demise of the former U.S.S.R., the breakup of the Council of Mutual Economic Assistance (CMEA), and the collapse of central planning followed by market reforms.
This paper summarizes Russia’s balance of payments developments in recent years: the initial imbalances and systemic shocks that set the stage for the critical balance of payments difficulties Russia faced in the early 1990s; the lessons from the early phases of Russia’s economic reforms; the choices faced by the Russian Government and support by the international community; and the external debt situation. The existing problems are also relevant for Russia’s ability to achieve external adjustment in the future.
This study, which includes information available until mid-1993, provides information on external developments during this turbulent period when there was a lack of continuity in government officials, institutions, and statistical information in the U.S.S.R. and Russia.
The author is grateful to several colleagues for helpful assistance and comments in preparing this paper, in particular to Jack Boorman, Julian Berengaut, Hans Flickenschild, Martin Gilman, Nancy Happe, Naheed Kirmani, Michael G. Kuhn, Augusto Lopez-Claros, Luis Mendonca, John Odling-Smee, Robert Rennhack, and Thomas A. Wolf. Rachel Hall of the External Relations Department edited the paper for publication and coordinated production. The IMF Graphics Section provided composition and artwork. The opinions expressed in this paper are those of the author and do not necessarily reflect the views of the IMF or of its Executive Directors.