Monetary Policy in Transition

This book offers the most comprehensive empirical analysis of monetary developments in the Russian Federation during the first post-communist decade. The book scrutinizes critically and rigorously, the stabilization process in post-communist Russia, the strengths, dynamics, and causality of the relationship between inflation and various monetary aggregates as well as the role of the IMF in that process. The common theme generated from the analysis is that the monetary policies implemented in Russia during the period under consideration were less than optimal. Inadequate or even inappropriate prescription and halfhearted implementation of various monetary stabilizations, conducted under the auspices of the IMF had disastrous effects on this transition economy and the welfare of society as a whole. Inevitably, the role of the IMF in Russia is critically exposed.