ABSTRACT
The beginning of economic reform in the Russian Far East (hereafter RFE) was marked by an improvement in the general economic situation in comparison with Russian economic performance in general. However, this advantageous situation has turned out to be short-lived. The supposed advantages of the region were soon destroyed by a severe financial crisis, provoked, in part, by a policy of stabilization in the money market. The stabilization of the rouble eroded the cost-based comparative advantage of the region. The subsequent fall in production reflected the worsening financial situation in the region, which, in turn, by a principle of feedback, promoted further decline in the industrial sphere (see Table 3.1 ) Decline in industrial production 1992–1997 (% of the previous year)
|
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
|
|---|---|---|---|---|---|---|
|
Russian Federation |
81.2 |
88.8 |
79.0 |
96.0 |
96.0 |
101.9 |
|
Russian Far East |
84.3 |
83.7 |
79.2 |
– |
87.7 |
– |
|
Sakha |
79.0 |
94.9 |
10.0 |
100.4 |
102.4 |
95.8 |
|
Primorskii |
90.3 |
83.4 |
74.5 |
99.0 |
91.2 |
94.4 |
|
Khabarovsk |
88.3 |
78.1 |
63.1 |
77.5 |
86.4 |
93.5 |
|
Amur |
84.3 |
84.4 |
80.1 |
81.3 |
76.7 |
94.5 |
|
Kamchatka |
65.0 |
85.3 |
73.2 |
106.1 |
100.2 |
93.1 |
|
Magadan |
92.7 |
87.3 |
91.0 |
79.0 |
87.2 |
87.0 |
|
Sakhalin |
85.7 |
86.3 |
77.6 |
109.0 |
83.6 |
88.2 |
