First Steps toward Economic Independence: New States of the Postcommunist World

By Michael L. Wyzan | Go to book overview

insularity: the European Community is a good example of a meshing of the two.


NOTES

The views presented here are those of the authors and do not imply any policy or judgment on the part of the World Bank. The statistical information contained in this report is drawn from the authors' research on and visits to Georgia. If not otherwise cited, it can be found in Conway ( 1993) and World Bank ( 1993). Figures from mid- 1993 are drawn from periodic reports of the Committee on Social and Economic Information of the Republic of Georgia.

1.
Alexander Rondeli of Tbilisi State University put it well: "Georgia is condemned to be an open economy" (from private discussions, March 11, 1993, Tbilisi).
2.
According to preliminary estimates of the World Bank, Georgia's per capita GDP in 1991 exceeded only that of the Kyrgyz Republic, Uzbekistan, and Tadzhikistan among the FSU republics.
3.
According to some estimates, Georgia's terms of trade would deteriorate by more than 20 percent if its imports and exports were valued at international prices.
4.
The import price of crude oil had increased from R82 per ton in 1990 to R4,000 by mid-1992. That for natural gas had increased from R42 per thousand cubic meters to R1,710 in the same period. Retail prices had increased by 14 times over the same period.
5.
In contrast, in the period January-June 1992, domestic credit to the government rose marginally, from R13.9 billion to R16.2 billion. Credit to the nonfinancial public enterprises increased by 97 percent.
6.
For example, imports of natural gas were reduced from 5.5 billion cubic meters in 1990 to 4.6 billion in 1991 due to a blockade of gas to Georgia. Imports of fuel oil from Russia also fell from 2,743 million tons in 1990, to 1,652 million tons in 1991, and to only 300,000 tons in 1992.
7.
Given the shortage of consumer goods, however, the proper comparison may be with the return on holding currency -- which is even more negative in real terms. However, savings accounts are much less liquid than currency.
8.
NBG issued its first directive to limit cash withdrawals on September 1, 1991. Another issued June 1, 1992, allowed cooperatives and nongovernmental enterprises to withdraw in currency only that component of their accounts deposited in currency after April 1. There were no NBG limits on withdrawals in currency by state enterprises; the ministries police those withdrawals themselves. Citizens with accounts at the savings bank could withdraw from their accounts only the portion due to current wage and pension payments deposited directly at the bank by the employer.
9.
This disintermediation may in fact cause ruble flight if other countries (e.g., Russia) have more attractive financial instruments for savers.

-134-

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First Steps toward Economic Independence: New States of the Postcommunist World
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Contents ix
  • Preface xi
  • 1- Introduction 1
  • References 21
  • I- FORMER SOVIET REPUBLICS 23
  • 2- Estonia 25
  • CONCLUSIONS 43
  • Notes 45
  • Notes 48
  • 3- Ukraine 50
  • Conclusion 75
  • References 77
  • 4- Kazakhstan 80
  • 4- Kazakhstan 80
  • Notes 107
  • Notes 107
  • 5- Georgia 112
  • Notes 134
  • II- FORMER YUGOSLAV REPUBLICS 137
  • CONCLUSIONS 161
  • Notes 162
  • Notes 163
  • 7- Croatia 166
  • Conclusion 185
  • Notes 186
  • Notes 191
  • 8- Macedonia 193
  • Notes 219
  • Notes 221
  • III- OTHER CASES 227
  • 9- Slovakia 229
  • Notes 255
  • Index 259
  • About the Editor and Contributors 267
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