Policy Memos

Policy Lessons from the Russian Economic Crisis

Policy Memo:


Publication Date:




This policy memo discusses economic reform in Russia and the role of the US government between 1992 and 1998. It begins by reviewing the general strategy of shock therapy in Eastern Europe, comparing it with what actually happened in Russia. It then highlights the shortcomings of US support for specific economic policies in Russia and the pressure exerted by the United States on the International Monetary Fund (IMF) when the Fund was reluctant to provide new disbursements to Russia. The final section draws conclusions about US policy and offers recommendations for the future. [...]

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About the author

Professor, Director of the Skalny Center for Polish and Central European Studies, Director of the Peter D. Watson Center for Conflict and Cooperation, Department of Political Science
University of Rochester