№2 (31) / 2026 Full issue

Release Date 25.05.2026

 ECONOMIC HISTORY

 

 

 

Vasilev Sergey

Doctor of Economics, professor

Gaidar Institute for Economic Policy (Moscow)

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https://orcid.org/0009-0001-9807-5814

 

ATTEMPTS TO STABILIZE THE RUSSIAN ECONOMY IN 1993-1998: VIKTOR CHERNOMYRDIN'S FIVE GOVERNMENTS

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The article contains the analysis of attempts to stabilize Russian economy during the middle of 90-s. After a period of high inflation in 1993-1994 the government managed to achieve a signifi cant reduction of the inflation rate during the implementation of the 1995 stabilization program. However due to the continuing signifi - cant budgetary imbalance the government was forced to mobilize rather expensive short-term financing on a large scale, which led to severe financial crisis of 1998. The double shock of 1992 price liberalization and 1998 default had long-term negative social consequences that were overcome only by the end of 2000s. The high economic and political turbulence at that time also hindered the implementation of structural reforms. Thus the tasks of carrying out full-fledged financial stabilization and implementing structural reforms were moved to the beginning of 2000s.

 

Keywords: economic reforms of 90s, financial stabilization in Russia, governments of Victor Chernomyrdin

JEL: N14, O52, P31

UDC: 338(091)

DOI: 10.52342/2587-7666VTE_2026_2_165_193

 

© S. Vasiliev, 2026

© Institute of Economics of the Russian Academy of Sciences «Issues of Theoretical Economics», 2026

  

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Manuscript submission date: 11.03.2026

Manuscript acceptance date: 23.04.2026

 

For citation:  Vasiliev S. Attempts to Stabilize the Russian Economy in 1993–1998: Viktor Chernomyrdin’s Five Governments // Voprosy teoreticheskoy ekonomiki. 2026. No. 2. Pp. 165–193. DOI:  10.52342/2587- 7666VTE_2026_2_165_193.