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Russia’s Macroeconomic Stabilization Revisited

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Authors
Han, Byungjin
Issue Date
2006-06
Publisher
Institute of International Affairs, Graduate School of International Studies, Seoul National University
Citation
Journal of International and Area Studies, Vol.13 No.1, pp. 89-102
Keywords
Russian Macroeconomic StabilizationPolitical Opportunity StructureDiminishing Collective ActionWar of Attrition
Abstract
Russia muddled through macroeconomic stabilization after late 1993 when a massive amount of credit issue by the Russian central bank stopped and interest rates turned positive. A process-oriented explanation ascribes the lowered inflation rates to the introduction of government bonds that yield incredibly high returns. It makes large commercial banks take an anti-inflationary position. Instead of solely emphasizing the elite’s strategic choices however, in this article I will look at what political circumstances make these choices available and effective. I associate the macroeconomic stabilization with political opportunity structure for rent-seekers and their collective action dilemma. In this discussion, the 1993 constitutional crisis and subsequent party polarization are emphasized. I also argue that privatized state institutions deprive rent-seekers of the ability to take collective actions as time goes.
ISSN
1226-8550
Language
English
URI
http://hdl.handle.net/10371/96436
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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Journal of International and Area StudiesJournal of International and Area Studies vol.13 (2006)
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