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  • Author: Steve H. Hanke, Kurt Schuler
  • Publication Date: 03-1999
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: President Carlos Menem of Argentina has advocated replacing the Argentine peso with the dollar. Dollarization would benefit Argentina because it would eliminate the peso-dollar exchange-rate risk, lower interest rates, and stimulate economic growth.
  • Topic: Economics, International Political Economy
  • Political Geography: Argentina, South America, Latin America
  • 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
  • Author: Francesca di Mauro
  • Publication Date: 10-1998
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: No abstract is available.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: United States
  • Author: Steve H. Hanke
  • Publication Date: 10-1998
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The devaluation of the Russian ruble this year was predictable, especially considering Russia's poor monetary history. State-manipulated money has been a Russian hallmark since the time of Peter the Great and shows that the country's money problems are endemic and do not depend on who controls the central bank. Czarist, Soviet, and post-Soviet governments have used the central bank printing press to finance deficit spending, resulting in high inflation, confiscation of savings, capital controls, or a combination of the three.
  • Topic: Economics, International Political Economy
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: Jesmond Blumenfeld
  • Publication Date: 07-1998
  • Content Type: Policy Brief
  • Institution: Chatham House
  • Abstract: As South Africa approaches its second inclusive elections in 1999, the government's economic record will come under increasing scrutiny. Against widespread expectations of a post-apartheid transformation in economic performance, the country's achievements in output, investment and employment have been profoundly disappointing. The adoption of a new, and more market- and investor-friendly, macroeconomic strategy in 1996 boosted confidence by promising major structural and policy reforms, but this has since been undermined by failure to meet most of the strategy's targets. In this Briefing Paper, Jesmond Blumenfeld analyses the origins, content and outcomes of the strategy as well as the economic and political dilemmas that it has created.
  • Topic: Economics, International Political Economy
  • Political Geography: South Africa, New Delhi