Lack of coordination of fiscal and monetary policies, disregard for
the high degree of inflation persistency, unstable relations and
bilateral causality between money supply and inflation, all imply
an inappropriateness of money-based stabilizations for the
transition economy of postcommunist Russia conducted under the
auspices of the IMF. As a representative of the West, the IMF
pretended to aid Russians through stabilisation. The IMF promised
loans while the Russian government promised reforms. This turned
out to be a pseudo lending for pseudo reforms with disastrous
consequences for the Russian economy as explored and scrutinized in
this volume.
General
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