The Influence of Oil and Gas Revenues on Russia's Monetary and Credit Policy
This article examines the problems of implementing monetary and credit policy when there is significant flow of currency revenues from the export of raw materials. It argues that, given a strong balance of payments, the Central Bank has to accept either a strengthening of the rouble or inflation. Only the RF Government has the power to prevent an appreciation of the currency whilst at the same time controlling inflation. This dual task can be achieved by saving, when external economic conditions are favourable, a share of the revenues from oil and gas in reserve funds. Such a policy can create the foundations for macroeconomic stability and a favourable investment climate.
Collapse of an Empire: Lessons for Modern Russia
My goal is to show the reader that the Soviet political and economic system was unstable by its very nature. It was just a question of when and how it would collapse...-From the Introduction to Collapse of an Empire The Soviet Union was an empire in many senses of the word -a vast mix of far-flung regions and accidental citizens by way of conquest or annexation. Typical of such empires, it was built on shaky foundations. That instability made its demise inevitable, asserts Yegor Gaidar, former prime minister of Russia and architect of the "shock therapy" economic reforms of the 1990s. Yet a growing desire to return to the glory days of empire is pushing today's Russia backward into many of the same traps that made the Soviet Union untenable. In this important new book, Gaidar clearly illustrates why Russian nostalgia for empire is dangerous and ill-fated: "Dreams of returning to another era are illusory. Attempts to do so will lead to defeat." Gaidar uses world history, the Soviet experience, and economic analysis to demonstrate why swimming against this tide of history would be a huge mistake. The USSR sowed the seeds of its own economic destruction, and Gaidar worries that Russia is repeating some of those mistakes. Once again, for example, the nation is putting too many eggs into one basket, leaving the nation vulnerable to fluctuations in the energy market. The Soviets had used revenues from energy sales to prop up struggling sectors such as agriculture, which was so thoroughly ravaged by hyperindustrialization that the Soviet Union became a net importer of food. When oil prices dropped in the 1980s, that revenue stream diminished, and dependent sectors suffered heavily. Although strategies requiring austerity or sacrifice can be politically difficult, Russia needs to prepare for such downturns and restrain spending during prosperous times. Collapse of an Empire shows why it is imperative to fix the roof before it starts to rain, and why sometimes the past should be left in the past.
Serum Profiles of Luteinizing Hormone, Oestradiol and Cholesterol and Ovarian Functions in Layer Poultry Birds (Gallus domesticus) Fed Diets Containing Furazolidone
This study was carried out to assess the serum profiles of luteinizing hormone (LH), oestradiol, cholesterol and ovarian functions in layer poultry birds (Rhode Island Red;Gallus domesticus) fed a diet containing various concentrations of furazolidone (FZ). A total of 40 birds were randomly assigned to receive FZ 0, 200, 400 or 800 mg/kg feed (ppm) daily during the pre-laying age, i.e. 13–18 weeks (for 5 weeks). Blood samples were collected at weekly intervals. Concentrations of LH and oestradiol in serum were estimated at alternate weeks using radioimmunoassays. Serum cholesterol levels were analysed by an enzymatic calorimetric method. Furazolidone administration was terminated at the 18th week of age. The birds were sacrificed at 22nd week of age and ovarian tissues were processed for morphometric studies. Serum LH, oestradiol and cholesterol levels were affected by age (p<0.001) and FZ dose (p<0.001). Serum LH and oestradiol levels were lower (p<0.05) in birds receiving FZ 800 mg/kg feed daily compared with the controls, whereas serum cholesterol profiles were lower (p<0.05) in all FZ-administered groups than in the control group. The mean weight of ovaries having no yolky follicles observed in the group receiving FZ 400 or 800 mg/kg feed per day was reduced (p<0.05) compared with the control group. Dosing FZ at 800 mg/kg feed per day reduced (p<0.05) the mean volume of ovaries having no yolky follicles compared with the control group. In birds receiving FZ 800 mg/kg feed per day, the mean length of the oviduct was reduced (p<0.05) as compared with the control group. Morphometric studies revealed that the mean number of oocytes with diameter in the range 401–800 μm decreased (p<0.05) in birds fed FZ 400 or 800 mg/kg feed per day. Initial egg production was affected by age (p<0.001) and dose (p<0.001) of FZ. The mean number of eggs laid by different groups revealed that egg production was reduced (p<0.05) in birds receiving FZ 800 mg/kg feed per day as compared with the controls. The present data suggest that FZ causes suppression in serum profiles of LH, oestradiol, cholesterol and ovarian functions in Rhode Island Red layer poultry birds. Therefore, great care must be taken with use of FZ in layer poultry birds (Gallus domesticus) with regard to dosage and duration of administration.