MACROECONOMICS OF THE ARREARS CRISIS IN RUSSIA

Debt crisis in Russia has essentail impact on country's macroeconomic performance. There are different types of arrears, each of them caused by various factors which are analysed in the paper, Relationships bet ween real sector, monetary, fiscal; social policies and arrears are al so discussed. It is emphasized that currently the arrears have become one of the topical problems for Russia. Following changes in the struc ture of their stock and growth in real terms. Wage and tax arrears whi ch have become the most urgent problem to be solved as they have a dir ect impact on main economic indicators. Arrears may also distort under standing of regular statistics, giving misleading picture for policy m akers.