SPECIAL TOPICS REECA - Post-Soviet Economic Policy

The newly independent states that emerged following the break-up of the Soviet Union in 1991 were presented with the historic challenge of restructuring their societies and economies, integrating into a turbulent world economy, and raising living standards. Their economic development and stability have proved consequential in their roles as crossroads between east and west, gateways to Iran and Afghanistan and major energy producers. The successor states are also a natural laboratory for economic development strategy since starting with a common Soviet legacy, they have followed different paths. How important are free markets and deregulation, privatization, export growth, emergence of financial sectors, fiscal discipline, and active diversification from natural resource base proving to be?

This course will focus on current economic policy issues among the 12 members of the Commonwealth of Independent States (CIS) that emerged from the collapse of the former Soviet Union. The course will investigate specific policy issues in the context of example countries. The goal is to familiarize students interested in the region with the pros and cons of specific economic policy issues. Along the way students will work with economic literature from the IMF, World Bank, and regional sources. Students are assumed to be familiar with introductory micro and macro economics and will learn some basics of international finance, macro stabilization policy and trade theory.