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Inflation in Russia
Inflation in Russia |
The problem of inflation takes an important place in economics because of its performance and socio-economic impacts that play a major role in assessing the economic security of the country and the world economy. For Russia, along with the general laws, the major cause of inflation in recent years can be considered as a unique disparity in the economy that has arisen as a consequence of the administrative-command system. Soviet economy was characterized by long-term development in the mode of war-time over the share of military spending in GDP, a high degree of monopolization of the production, distribution, and the monetary system, a low proportion of wages in national income, and other features.
Prices in Russia during the last decade increased. The overall level of state and cooperative trade from 1928 to 1940 increased several times. By 1947, the time of the reform of prices and wages, the system came to three-fold rise in price of the pre-war time. Transfer from the repressed inflation in the open form by freeing prices was the result of the rise in prices for goods and services hundred times. The overall consumer price index in December 1992 to December 1991 under the State Statistics Committee of Russia amounted to 2600% and the index of income over the same period- 1200%. The inflation rate at 27%, in January 1993 - more than 50%, which is the country's economy that entered a state of hyperinflation. During the same time, the supply of goods and services in real terms declined by more than half. Russia's gross domestic product declined in 1992 to 19% in 1993 - up 12% in 1994 - 15%.
Even higher rates were falling investment: in 1992 to 40% in 1993 - up 12% in 1994 - 26%. The fall of the physical volume of sales of commercial products was substantially offset by higher prices for these products and services, that is monetary factor, which is reflected in the growth of GDP and industrial output in current prices. One of the major sources that support high rates of money growth is financing the budget deficit by money emission.
It can be concluded that, overall, the cumulative effect of the causes of inflation was offset by factors related primarily to the fact that during the period the general anti-inflationary mechanism was developed.
Список использованной литературы
http://www.economist.com - англоязычный экономический сайт
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