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  • Publication Date: 11-2006
  • Content Type: Policy Brief
  • Institution: The Organisation for Economic Co-operation and Development
  • Abstract: The Russian economy has been enjoying a period of robust growth, thanks largely to steadily rising terms of trade. The challenge confronting policy-makers is to facilitate Russia's transition into a period of self-sustaining, investment- and innovation-led growth. This will require a sound macroeconomic policy framework to manage the economy's adjustment to sustained high oil prices and a range of structural reforms aimed at creating better framework conditions for business.
  • Topic: Development, Economics, Markets
  • Political Geography: Russia, Europe, Asia
  • Publication Date: 11-2004
  • Content Type: Policy Brief
  • Institution: The Organisation for Economic Co-operation and Development
  • Abstract: When the Russian Federation began its transition toward a market based economy, promoting competition and regulating anticompetitive behavior - issues never previously needing to be addressed - arose as new and unfamiliar subjects for state policymaking and law enforcement activities. In order to address these issues, the Russian Federation created a competition authority and basic law in 1991, quite early in its transition period. Support for competition was expressed in the 1993 Constitution, as well as in other fundamental legislation. As part of a larger study of regulatory reform, the OECD in 2003 undertook a detailed assessment of Russia fs decade of experience with competition law and policy. The Report concludes that despite early legislation on the issue and strong expressions of support for competition in the laws, the creation and protection of competition on domestic markets has not been a policy priority. Emphasis on rapid privatization limited the scope of pre-privatization restructuring to promote competition and the competition authority has been expected to serve as a general regulator of behavior in markets, assigned to fill legislative gaps and to enforce against a variety of undesirable practices in markets. Overly broad responsibilities and a lack of credible sanctions have significantly limited the impact of the competition laws.
  • Topic: International Relations, Economics, Government
  • Political Geography: Russia
  • Publication Date: 07-2004
  • Content Type: Policy Brief
  • Institution: The Organisation for Economic Co-operation and Development
  • Abstract: The major economic challenge facing Russia is the achievement of long-term, sustainable growth that would allow for a relatively rapid convergence between living standards in Russia and the OECD economies. The nature of this challenge is largely determined by Russia\'s economic structure. At present, Russia\'s economy is highly dependent on the export of a limited range of natural resources, chiefly hydrocarbons and metals. This presents policymakers with a number of specific problems. In particular, resource dependence makes the Russian economy especially vulnerable to external shocks. It is therefore difficult to overstate the importance of prudent macroeconomic policies, especially as the budget relies heavily on resource taxes and is thus influenced by volatile energy prices. Hence, exemplary fiscal discipline, in particular, is crucial to reducing Russia\'s vulnerability to commodity-price cycles. Yet while resource dependence brings with it certain macroeconomic risks, economic performance will continue to depend to a great extent on the performance of resource-exporting sectors for the foreseeable future. This makes reform of the natural gas sector an urgent priority. In the absence of substantial reform, the gas industry, which is critical to both exports and the domestic economy, could well stagnate or decline.
  • Topic: International Relations, Development, Economics
  • Political Geography: Russia
  • Author: Derek Blades, David Roberts
  • Publication Date: 11-2002
  • Content Type: Policy Brief
  • Institution: The Organisation for Economic Co-operation and Development
  • Abstract: Strictly speaking, the Gross Domestic Product (GDP) is only a measure of economic activity, but in practice it is often used to compare the relative wellbeing of countries as well as their overall economic performance. To measure the latter, users normally look at the rates of growth of GDP, while for comparing relative wellbeing the levels of GDP percapita are used. The absolute level of GDP is also used for calculating policy-relevant indicators such as the ratio of government deficit to GDP, the ratio of R expenditure to GDP and the ratio of carbon dioxide emissions to GDP.
  • Topic: Economics, International Organization
  • Political Geography: Russia
  • Publication Date: 12-1999
  • Content Type: Policy Brief
  • Institution: The Organisation for Economic Co-operation and Development
  • Abstract: The economic crisis of 1998 has victimised a number of important areas of institutional development and increased social distress among much of the population. A responsible fiscal and monetary response to the crisis, bolstered by a strengthened current account, has helped to stabilise inflation and the exchange rate, although the low level of reserves, the demands of foreign debt service, and threats to the independence of the Central Bank speak for the continued fragility of the achieved level of stability. A restructuring of foreign debt is critical for consolidating trends in the fiscal sphere. While the quick onset of a recovery in GDP in the wake of the weaker rouble is encouraging, delays in structural reforms and low administered input prices raise concern about the quality and sustainability of this growth. The restructuring and regulation of the commercial banking sector continues to pose major challenges to the Central Bank and the Russian government. Throughout a decade of transition, problems in demonetisation and fiscal federalist relations, the particular focus of this Survey, have been important underlying structural obstacles to economic reform. Although some institutional reforms have provided a foundation for a market economy, delays in addressing these and other fundamental problems have impeded efficiency and increased the comparative vulnerability of the Russian economy to external shocks. The future stability and growth of the Russian economy will require the continuation of responsible macroeconomic policies, but depends first and foremost on progress in structural reform, including tax reform, effective institutions of bankruptcy, competition, more decisive and comprehensive measures to combat the process of demonetisation, defend the rule of law, and realise fundamental reform in fiscal federalist relations.
  • Topic: Economics, International Political Economy
  • Political Geography: Russia