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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.bn

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.trln.)

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.trln.)

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 December1995, 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.1.4).

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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