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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.V, Sinelnikov-Murylev S., TrofimovG. Macro-Economic Stabilization: Trends and Alternatives of theRussian Economic Policy. Moscow: IET, 1996.P.46-53.

4 Levinson A. Will of Electorate and Expectations of People //Ethics of Success. Tiumen’-Moscow. 1996.

5See the comparison of the alternative models of the Russianpolicy in the IET’sreview Russian Economy in the First Half of 1996. Trends andOutlooks.

6 At the end of January 1995, the durastion of the GKOs and OFZsfor all the issues was about 60days, while in December 1995 it was 107days,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 47days as ofthe beginning of the year to 67days as of its end.

7 TsukhloS., Gershchmann.R. Situastion in Industry // Economisand Political Situation in Reussia: June1996. Moscow, IET, 1996P.10.

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