tion was published in the newspaper Bisnis
which is based on the statistics in Russian Economic
Indonesia, July 31, 1998, p. 5.
Trends. The IMF's Web site, http://www.imf.org,
contains details of IMF programs with Russia and
10. See Margaret Coker, "Help from Afar," Russia
papers by staff members about Russia and other
Review, November 1998, pp. 3031.
countries.
11. Jeanette Van Winkle, "Capital Accumula-
2. The most thoughtful analysis from this per-
tion, Financial Reform, and Investment
spective that we have seen is Alexandr
Planning in Russia," RAND Corporation paper,
Nekipelov, "The Nature of Russia's Economic
1995, p. 92.
Collapse--An Alternative Diagnosis," Transition:
The Newsletter about Reforming Economies (World
12.See Andrei Illarionov, "Russia and the IMF,"
Bank), October 1998, pp. 512.
Testimony before the Banking and Financial
Services Committee of the U.S. House of
3. Anders Åslund, How Russia Became a Market
Representatives, September 10, 1998. Illarionov,
Economy (Washington: Brookings Institution,
of the Institute of Economic Analysis in
1995).
Moscow, has also written other useful work, still
only in draft form, analyzing the financial crisis.
4. George Melloan, "Another Russian Crisis?
Define `Crisis' Please," Wall Street Journal, June 2,
13. Grigory A. Yavlinsky, "Western Aid Is No
1998.
Help," New York Times, July 28, 1993, p. A19.
5. Michael S. Bernstam and Alvin Rabushka,
14. Van Winkle, p. 92.
Fixing Russia's Banks: A Proposal for Growth
(Stanford, Calif.: Hoover Institution Press,
15. Again, on a currency board, see Hanke,
1998), pp. 2, 36.
Jonung, and Schuler.
6. Information about the Central Bank of Russia
16. For statistics, see International Monetary
can be found at http://www.cbr.ru.
Fund, International Financial Statistics. National
governments and central banks in many former
7. David Hoffman, "Central Bank Hid Investments
socialist countries also now post many statistics
of Russian Funds," Washington Post, March 8, 1999,
online.
p. A1.
17. For examples of criticisms of a currency
8. Steve H. Hanke, Lars Jonung, and Kurt
board in Russia, see Andrew Balls, "Unpalatable
Schuler, Russian Currency and Finance: A Currency
Truths of a Currency Board," Financial Times,
Board Approach to Reform (London: Routledge,
August 31, 1998, p. 2; and Graham Bowley,
1993), pp. xvi, 1416. Hanke has reiterated his
"Pöhl Skeptical on Currency Board," Financial
stand in Steve Hanke, "The Case for a Russian
Times, September 8, 1998, p. 2.
Currency Board System," Cato Institute Foreign
Policy Briefing no. 49, October 14, 1998, avail-
18. See Bernstam and Rabushka, pp. 9098;
able at http://www.cato.org.
"The Crisis: What Is the Damage? What Are the
Options?" Russian Economic Trends , October
9. Dollarization could occur along lines similar to
1998, pp. 57; and "Resolving the Banking
those that Kurt Schuler has proposed for
Crisis," Russian Economic Trends, November
Indonesia. See "Dollarizing Indonesia," http://
1998, pp. 18.
www.erols.com/kurrency. A condensed transla-
Published by the Cato Institute, Policy Analysis is a regular series evaluating government policies and offer-
ing proposals for reform. Nothing in Policy Analysis should be construed as necessarily reflecting the views
of the Cato Institute or as an attempt to aid or hinder the passage of any bill before congress. Contact the
Cato Institute for reprint permission. Additional copies of Policy Analysis are $6.00 each ($3.00 each for five
or more). To order, or for a complete listing of available studies, write the Cato Institute, 1000 Massachusetts
Ave., N.W., Washington, D.C. 20001, call toll free 1-800-767-1241 (noon - 9 p.m. eastern time), fax (202) 842-
3490, or visit our website at www.cato.org.
16