This essay analyzes the continuing integration of several transition economies of Europe, the former Soviet Union (FSU) and Asia into the world trading and financial system in the period 1990-95. Suitable norms are developed in the essay for comparing and ranking the integration record of the...

By the end of 1993, the unified and freely convertible ruble on current account represented a major step in Russia’s foreign exchange management. The monetarist model of this paper (which gives a robust estimate of the real exchange rate) suggests that the impact of the gap between available...

In this paper, we propose an analytical framework suggesting that wage nonpayment in the Russian state sector and privatized factories, which resulted from acute cash flow problems in both, reflected an implicit contract among the government, managers and labor against worker layoff. We analyze...