摘要:The study analyzes the complex, inter-linked non-payments system in Russia, to include its origins, evolution, and factors contributing to its development. To the contrary, it identifies a minimum set of economic reforms needed to dismantle this system, suggesting the need for a political decision to stop subsidies to enterprises, explicit or implicit, thereby ensuring hard budget constraints. Corrective policies will need to address: a continued reform to attain fiscal control, a tax reform to enable transparent cash-based taxation, and, a coordination of inflation targets, to strictly avoid budgetary arrears, and impose instead hard budget constraints on enterprises. In addition, efficient pricing, taxation, and regulation of the energy monopolies, should be enforced, supplemented with a policy enabling disconnection of non-payers, coupled with an assessment of the probable social consequences of hard budgets.
