Markets, States, and Democracy: The Political Economy of Post-Communist Transformation

By Beverly Crawford | Go to book overview

Notes

We are grateful to Andre Sapir, Wolfram Schrettl, and Kaz Stanczak for comments on an earlier draft of this chapter. Linda Goldberg is grateful for the research support provided by the C. V. Starr Center for Applied Economics, the National Science Foundation, and the Social Science Research Council. Barry Ickes and Randi Ryterman appreciate the financial support from the National Council for Soviet and East European Research, IRIS ( Institutional Reform and the Informal Sector organization), and the World Bank.

1.
Seignorage is the revenue that a government obtains by printing money.
2.
For example, see Bayoumi and Eichengreen ( 1992) and Gros ( 1991). In addition, for an expanded discussion of this criticism, see Goldberg, Ickes, and Ryterman ( 1993).
3.
See Goldberg and Karimov ( 1992).
4.
For a more formal recent exposition of this theme, see Casella ( 1992).
5.
In general, enterprises in the FSU must pay workers in either cash or commodities. Other instruments of payment, such as checks, are not widely recognized or used. During the cash shortage in 1992, some enterprises tried, with mixed success, to pay workers with vouchers that could be redeemed locally for commodities.
6.
The other monetary instruments of the CBR include interest rates on CBR lending to commercial banks, restrictions on the interest rates paid by the Savings Bank (which deals with household transactions) and commercial banks (which deal with enterprise transactions), and reserve requirements. Reserve requirements are fairly ineffective since there exist excess reserves in the banking system, partially due to the inefficiencies in the payments mechanism. Lending rates, often used for manipulating demand for credit in developed financial markets, are not particularly useful in Russia since they are not a central factor in the availability or disbursement of loans.
7.
See Spencer and Cheasty ( 1993): "Russia's share of rubles issued by the CBR rose from 64 percent in December 1991 to 77 percent in June 1992, while the shares of Belarus and Georgia dropped from more than 3 percent to about 1.5 percent, and the shares of Ukraine and the Baltic states fell even more sharply."
8.
See Fischer ( 1982) and Cukierman, Edwards, and Tabellini ( 1992).
9.
Cukierman, Edwards, and Tabellini ( 1992).
10.
The domestic banking system has an alternative source of cash: the deposits of the retail enterprises that sell to the public.
11.
"The introduction of correspondent accounts for inter-republican payments was the CBR's initial response to the problem of the spillover of ruble balances. The CBR announced its intention to treat the existing ruble stock in other republics of the former USSR, and a new ruble issue, as a liability of each republic's account. Thus, to increase its currency in circulation, a republic that maintains the ruble as its currency must either run a balance of payments surplus with Russia or must pay interest for any overdraft required to obtain additional rubles" ( IMF, 1992, p. 20).
12.
This is discussed further in Ickes and Ryterman ( 1993).
13.
The terms-of-trade of a country is defined as the ratio between the prices of export goods and import goods.
14.
The estimates of the terms-of-trade and output effects are from Tarr ( 1992). Given the usual caveats about the data problems encountered in using Soviet trade data, one can always debate the validity of the specific quantitative results. Tarr's estimates are, to our knowledge, the best available on this issue. We interpret these estimates as providing a rea-

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