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Trade and Development Report 1993

image of Trade and Development Report 1993

The focus of the report is the functioning and interaction of all the different constituent parts of the world economy and of related dimensions of national and international policy. Special attention is given to issues of concern to developing countries. The coverage includes the movements of macroeconomic aggregates in developed and developing countries and in the economies of transition, international trade and trade policies and financial and commodity markets.

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The Russian Federation: Debt burden and export capacity

The Russian Federation has inherited from the former Soviet Union an external debt which represents a heavy burden on its economy. Soviet debt more than doubled from 1985 to 1990, as a result of increased import needs, decentralized foreign borrowing, and the eagerness of official and commercial creditors to provide loans to a country with an impeccable repayment record. Most of the accumulated debt was at relatively short maturities. A liquidity crisis emerged in 1989-1990 as the country started building arrears and commercial banks drastically reduced their exposure. Bilateral creditors, particularly Germany, acted as lenders of last resort.

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