chapter  11
THE FISCAL COMPONENT AND THE FIRST RUSSIAN STABILIZATION EFFORT, 1992–3
ByPiroska M. Nagy
Pages 23

The year 1992 was a watershed in the economic history of the Russian Federation. Immediately following the political dissolution of the Soviet Union at the end of December 1991, Russia launched its initial comprehensive reform effort, involving price, foreign exchange market, and trade liberalization, privatization, and implemented the first in a series of attempts aimed at macroeconomic stabilization. The record so far has been rather uneven: while financial stabilization has not yet been achieved, progress on the structural front has been pronounced, with price liberalization almost completed, and commercialization and privatization advancing at a rapid pace.