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Russias Macroeconomic Stabilization Revisited
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- Authors
- Issue Date
- 2006-06
- Citation
- Journal of International and Area Studies, Vol.13 No.1, pp. 89-102
- Keywords
- Russian Macroeconomic Stabilization ; Political Opportunity Structure ; Diminishing Collective Action ; War 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 elites 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
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