Economic Opening up and Growth in Russia: Finance, Trade, Market Institutions, and Energy

A. Investment, Financial Markets, New Economy Dynamics and Growth in Transition Countries -- Comment -- B. Growth Dynamics in Transition Economies: The Role of Financial Development -- Comment -- C. Dynamic Causal Links between the Russian Stock Exchange and Selected International Stock Markets -- Comment -- D. Russia's Trade Relations: Structural Adjustment, Geographical Patterns and Terms of Trade -- Comment -- E. The Internationalization of the Russian Gas Industry and its Export Potential -- F. Licence or Contract — What Kind of Petroleum Fiscal System is Required for Russia's Oil Industry? -- G. Obstacles to Growth and Competition: The Political Economy of Corruption and Rent-seeking in Russia -- Comment -- H. Macroeconomic Situation in Russia: Growth, Investment and Capital Flows -- Comment -- I. Problems of Russia with Financial Globalization -- Comment -- J. Russia on the Threshold of the WTO: Some Problems and Options -- K. Russia and the WTO: What is at Stake? -- L. The Role of Russian Regions in Economic Modernization and Opening up: Evidence from St. Petersburg and other Regions -- Comment -- List of Figures -- List of Tables -- List of Contributors.

After a decade of sharp economic decline, Russia switched to an impressive period of economic growth. Yet the economic record is still mixed, and many key problems remain unresolved, both in the economic sphere and the political system. The focus is on economic dynamics in Russia, reasons for its hesitant opening up process as well as the special role of the natural resources sector which is expected to continue to grow. This analysis highlights the existing deficiencies of the Russian economic system and raises doubts about the sustainability of growth. Twin focus is on required reforms and endogenous forces that impair liberalizing trade and investment in an orderly way. Russian discussions on WTO and other international topics are reflected

After a decade of sharp economic decline, Russia switched to an impressive period of economic growth. Yet the economic record is still mixed, and many key problems remain unresolved, both in the economic sphere and the political system. The focus is on economic dynamics in Russia, reasons for its hesitant opening up process as well as the special role of the natural resources sector which is expected to continue to grow. This analysis highlights the existing deficiencies of the Russian economic system and raises doubts about the sustainability of growth. Twinfocus is on required reforms and endogenous forces that impair liberalizing trade and investment in an orderly way. Russian discussions on WTO and other international topics are reflected. TOC:Introduction.- Investment, Financial Markets, New Economy Dynamics and Growth in Transition Countries.- Growth Dynamics in Transition Economies: The Role of Financial Development.- Dynamic Causal Links between the Russian Stock Exchange and Selected International Stock Markets.- Russia's Trade Relations: Structural Adjustment, Geographical Patterns and Terms of Trade.- The Internationalization of the Russian Gas Industry and its Export Potential.- License or Contract - What Kind of Petroleum Fiscal System is Required for Russia's Oil Industry?.- Obstacles to Growth and Competition: The Political Economy of Corruption and Rent-seeking in Russia.- Macroeconomic Situation in Russia: Growth, Investment and Capital Flows.- Problems of Russia with Financial Globalization.- Russia on the Threshold of the WTO: Some Problems and Options.- The Role of RussianRegions in Economic Modernization and Opening up: Evidence from St. Petersburg and other Regions