Am 3. Januar 1992 stellte der Präsident der russischen Föderation den offiziellen Antrag auf Aufnahme in den IMF und die Weltbankgruppe. Bereits seit November 1991 besuchten IMF-Experten Moskau, um mit den russischen Behörden die Wirtschaftspolitik zu besprechen, eine fundierte...

Many countries among the Baltics, Russia and other CIS states are increasingly borrowing on international capital markets, a development that generally reflects their success in achieving financial stabilization. In view of the low level of domestic saving and large capital requirements,...

Despite their increasing fiscal burden, the public pension systems of BRO countries are failing to provide adequate social protection. Although there is a broad consensus about the need for pension reforms, BRO countries are debating whether to embark on systemic reforms or whether to correct...

This Selected Issues paper for the Russian Federation discusses existing empirical efforts to measure the determinants of cross-country financial integration. Empirical studies that have adopted the gravity-model framework have found that it is generally successful in explaining bilateral...

Macroeconomic developments have been very favorable since early 1999, strengthening in important areas lately. Real GDP has more than recovered from the recession that followed the 1998 crisis and the recovery is gaining momentum, with recent data suggesting that real GDP is growing at an annual...

The 2008 Article IV Consultation with the Russian Federation highlights that the Russian banking system has proven to be relatively resilient in the face of worldwide turmoil. The central bank is still intervening heavily in the foreign exchange market, and Russia’s banking system is still...

The Russian economy has improved after the recession, but recovery is fragile. Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity...

This paper presents the Financial Sector Stability Assessment Update on the Russian Federation. Indicators of bank soundness and performance are broadly favorable but credit risk poses a challenge over the medium term, and capitalization should rise to support continued banking sector...

Questions about external competitiveness, exchange rate misalignment, and the appropriate exchange rate policy feature prominently in the Russian policy debate. This paper furthers the debate by estimating empirically Russia''s equilibrium real exchange rate (ERER)-that is, the rate consistent...