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Monthly increase ofarrears, GDP

5,08

1,17

0,51

7,89

7,96

-0,27

1,57

7,43

-0,82

1,36

5,25

-4,33

Increase of arrears,deflated

1,40

-1,14

-1,22

5,30

5,78

-2,17

0,27

7,20

-2,43

0,01

4,16

-5,81

Increase of arrears,deflated

21,36

20,22

18,99

24,30

30,08

27,91

28,18

35,38

32,95

32,95

37,11

31,30

Total monthly arrears,% of the GDP

24,41

24,22

21,83

28,23

31,66

27,09

26,04

31,17

29,81

30,17

34,91

29,07

Source: Russian Goscomstat, State FiscalService

Table 1.4

Dynamic of indebtedness of enterprises in1995

	Jan.	Feb.	Mar.	April	May	June	July	Aug.	Sept.	Oct.	Nov.	Dec.
Indebtednessfor payment of labor remuneration (as of the end of the month),Rbl.аbn	5534	5644	5687	5508	6037	6441	7158	8057	9913	11568	13569	13380
GDP (Rbl.trln.)	78.2	161	255.1	356.1	476.4	615.	769.7	938.7	1111	1289	1469	1659
GDP by months(Rbl. trln.)	78.2	82.8	94.1	101	120.3	139.2	154.1	169	172	178	181	189
Debtor’sindebtedness as for the end of the month (Rbl.аtrln.)	158.8	173.8	197.7	223.3	245	263.6	285.1	303.1	326.5	333.8	353.9	362
Creditor’s indebtedness as for the end of the month(Rbl.аtrln.)	186.8	206	237.6	268.3	290.2	324.2	349.7	368	406.8	434.4	454.8	482.8
Inflation(from December 1991)	893.7	992.1	1081.3	1173.3	1265.9	1350.8	1423.7	1489.2	1556.2	1629.3	1702.7	1757.2
Indebtednessfor payment of labor remuneration (as of the end of the month), % of GDP of themonth	7.08	6.82	6.04	5.45	5.02	4.63	4.65	4.77	5.76	6.50	7.50	7.07
Debtor’sindebtedness as for the end of the month, % of GDP of the month	203.07	209.90	210.1	221.09	203.66	189.37	185.01	179.35	189.83	187.53	195.52	191.33
Creditor’s indebtedness, % of GDP of the month	238.87	248.79	252.5	265.64	241.23	232.90	226.93	217.75	236.51	244.04	251.27	255.18
Indebtednessfor payment of labor remuneration (as of the end of the month),deflated	6.19	5.69	5.26	4.69	4.77	4.77	5.03	5.41	6.37	7.10	7.97	7.61
Debtor’sindebtedness as for the end of the month, deflated	177.68	175.19	182.83	190.33	193.53	195.15	200.25	203.53	209.81	204.87	207.85	206.01
Creditor’s indebtedness, deflated	209.01	207.65	219.73	228.68	229.24	240.01	245.63	247.11	261.40	266.61	267.11	274.76

Source: Goscomstat of Russia, Ministry foreconomy

It should be noted that, despite the decreaseof the inflation rate in 1995, the profitability of the GKOs could not bereduced. In Decemberа1995, the real interest in the GKOs-OFZs market was 33% inannual expression. The temporal structure of the State debt in favor of themedium and long-term instruments6.

The non-payment crisis of enterprisescontinued growing gradually. As for the results of the year, thecreditor’s indebtednessin real indication grew by 31%, the indebtedness in payment of laborremuneration grew by 23%, and the debtor’s indebtedness grew by 16% (seeTable.а1.4).

The above data show that, in whole, theelectoral campaign for the State Duma did not influence substantially theprocess of financial stabilization. The main negative result of these electionswas that they gave a negative political signal, having shown that the publicopinion had additionally shifted to the benefit of the left and nationalistforces. Besides, the new Duma which, according to the Constitution, could notbe dissolved during the first year after election, got a good field for thepopulist activities, using them for both strengthening the propaganda of theoppositional electoral programs and for inciting the executive power to similar(but already practical) measures. Before the Presidential elections, thelegislative process slowed down: for the obvious reasons, its efficiency wasfully dependent upon the result of the Presidential elections.

1.3. Macro-economic Problems of ElectoralStruggle of 1996

Alternatives of the economic policy beforethe elections

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