
1.4%
20.7
4.5%
179700
3.4%
69272
5.3%
89300
3.7%
2.012
63.8
25.5
5.657
Oct1995
4504
-0.1%
20.2
4.7%
184200
2.5%
69856
0.8%
90700
1.6%
2.031
62.5
28.2
6.261
Nov1995
4580
1.7%
19.9
4.5%
195200
6.0%
73995
5.9%
95400
5.2%
2.046
70.7
24.7
5.393
Dec1995
4640
1.3%
19.5
3.2%
220800
13.1%
80800
9.2%
103800
8.8%
2.127
76.5
27.3
5.884
Jan1996
4734
2.0%
19.4
4.1%
216700
-1.9%
75400
-6.7%
100800
-2.9%
2.150
75.5
25.3
5.344
Feb1996
4818
1.8%
19.2
2.8%
229200
5.8%
80400
6.6%
106700
5.9%
2.148
82.7
24
4.981
March1996
4856
0.8%
18.8
2.8%
241800
5.5%
86700
7.8%
113700
6.6%
2.127
73.5
40.2
8.278
Apr1996
4940
1.7%
18.7
2.2%
251000
3.8%
93100
7.4%
120900
6.3%
2.076
89.9
31
6.275
May1996
5014
1.5%
18.7
1.6%
254200
1.3%
93700
0.6%
118800
-1.7%
2.140
98.8
20
3.989
June1996
5097
1.7%
18.8
1.2%
266900
5.0%
104400
11.4%
129400
8.9%
2.063
108.4
21
4.120
July1996
5191
1.8%
19.0
0.7%
271900
1.9%
102800
-1.5%
131100
1.3%
2.074
111.6
19.5
3.757
Aug1996
5348
3.0%
19.6
-0.2%
275300
1.3%
101100
-1.7%
129000
-1.6%
2.134
111.8
17.2
3.216
Sep1996
5396
0.9%
19.8
0.3%
276000
0.3%
96200
-4.8%
125600
-2.6%
2.197
110.9
14.7
2.724
Oct1996
5455
1.1%
19.7
1.2%
278800
1.0%
94400
-1.9%
124000
-1.3%
2.248
116.7
7.3
1.338
Nov1996
5508
1.0%
19.6
1.9%
282300
1.3%
95800
1.5%
125000
0.8%
2.258
111.2
13.8
2.505
Dec1996
5560
0.9%
19.5
1.4%
292500
3.6%
-
-
-
-
-
-
-
-
1 Nordhaus W. The Political Business Cycle // Review of EconomicStudies 42 (April). 1975; Rogoff K., Sibert A. Equilibrium Political BusinessCycles // Review of Economic Studies 55 (January). 1988; Persson T., TabelliniG. Macroeconomic Policy, Credibility and Politics. 1990: Harwood AcademicPublishers.
2 Hibbs D. Political Parties and Macroeconomic Policy // TheAmerican Political Science Review 7 (December). 1977; Alesina A. Macroeconomicsand Politics // NBER Working Annual. Cambridge: MIT Press, 1988; Alesina A.,Roubini N. Political Cycles in OECD Economies. NBER Working Paper. 1990.N3478.
3 Mau.аV, Sinelnikov-Murylev S., TrofimovаG. Macro-Economic Stabilization: Trends and Alternatives of theRussian Economic Policy. Moscow: IET, 1996.P.а46-53.
4 Levinson A. Will of Electorate and Expectations of People //Ethics of Success. Tiumen’-Moscow. 1996.
5аSee the comparison of the alternative models of the Russianpolicy in the IET’sreview УRussian Economy in the First Half of 1996. Trends andOutlooksФ.
6 At the end of January 1995, the durastion of the GKOs and OFZsfor all the issues was about 60аdays, while in December 1995 it was 107аdays,i.e., formally grew significantly. However, from the viewpoint of the debtservicing cost, the OFZs should be considered short-term instruments, becausethe coupon rate depends on the current profitability of the GKOs. Hence, moreindicative is the insignificant change of the GKOs duration from 47аdays as ofthe beginning of the year to 67аdays as of its end.
7 TsukhloаS., Gershchmann.аR. Situastion in Industry // Economisand Political Situation in Reussia: Juneа1996. Moscow, IET, 1996P.10.
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