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As the former Eastern Bloc countries and the developing nations endeavor to modernize their economies, much macroeconomic research in the next decade will involve stabilization and reconstruction. These informative, fact-filled studies describe how measures to control inflation have been implemented in Bolivia, Chile, Argentina, Brazil, Israel, Mexico, Turkey, and Yugoslavia.In discussing which of these measures have succeeded and which ones have failed, the authors go beyond the normative approach taken in most studies of stabilization to focus on political incentives and constraints on actual policymaking. The up-to-date data they provide make this a valuable collective exploration of contemporary efforts at stabilization and structural adjustment.In the 1980s each of the countries considered suffered from crippling inflation brought on by externally generated economic shocks and by mounting debt. Various strategies to control inflation and to achieve economic stabilization have met with different levels of success. The strategies tried in Brazil and Argentina worked only temporarily; the current policies of Israel, Mexico, and Bolivia have succeeded, although these countries' transitions to sustainable growth are not yet certain.Michael Bruno is Governor of the Bank of Israel. He and Nissan Liviatan are Professors of Economics at Hebrew University in Jerusalem. Stanley Fischer is Professor of Economics at MIT. Elhanan Helpman is Professor of Economics at Tel Aviv University. Leora Meridor is Deputy Director of the Bank of Israel's Research Department.

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EDUCATION SYSTEM IN RUSSIAN UNIVERSITIES The Russian higher education system consists of more than 650 state universities where about 9 million people study; more than two hundred thousand of these come from about 200 different countries. Russian higher education offers a wealth of choice from more than 300 medical, engineering, economic and humanities specialties. Russian higher education is based on the world-renowned school of fundamental and applied science, at the base of which lie the great discoveries of Russian scientists, which determined the course of developments in world science for many centuries ahead. Russian higher education gives the possibility of access to the most modern laboratories and scientific-technical centers. The highly qualified teaching personnel of Russian state universities (on average 80% of professors hold Ph.D. degrees) guarantee top-quality education. Russian higher education consists of prestigious universities with more than 100 years of history and globally respected degrees which are recognized all over the world. The study of foreign citizens at Russian state universities is up to 80% subsidized by the Government of Russia, making it affordable (the average cost of an academic year, including accommodation in a student hostel, is tventy five hundreds USD). Russian higher education is an excellent opportunity to get to know a country which has a lot to offer – a unique cultural and historical heritage, the incomparable beauty of its natural landscapes and climatic zones, the diversity of architectural styles in its biggest cities, and the rich traditions and customs of more than 160 nationalities living in Russia. The Russian system of higher education: after schooling of 11 years of study the Russian students admitted in universities for higher professional educations. Higher professional education (engineering, economic, humanities specialties): “Bachelor of Science” degree: course duration – 4 years; “Master of Science” degree: course duration – 2 years; “Specialist” or “Engineer-specialist” qualification: course duration – 5 years; Post-graduate studies (leading to PhD): course duration – 3 years. Higher professional medical education: General medicine: course duration – 6 years; Sports medicine: course duration – 6 years; Pediatrics: course duration – 6 years; Dentistry: course duration – 5 years; Pharmacy: course duration – 5 years; Clinical psychology: course duration – 5 years. Postgraduate medical education: Clinical residency: course duration – from 2 to 5 years (depending on the specialty and the doctor’s wishes); PhD: course duration – 3 years. One academic year in Russian Universities lasts for 10 months (September 1st – June 30th). The academic year is divided into two semesters: the first semester is September 1st – January 25th; the second semester is February 9th – June 30th. At the end of each semester (January and June) students take tests and exams in the disciplines that they have studied. Between semesters students have vacations: winter vacation (2 weeks: from 25th January to 9th February), and summer vacation (2 months: from 1st July to 30th August). During winter and summer vacations students may either stay in Russia or travel home. Grading system in the Russian Federation: «5» – excellent; «4» – good; «3» – satisfactory; «2» – unsatisfactory; – «pass» and «not pass». The lowest passing score is «3» or «pass». Mode and language of study Studies in Russian universities are carried out in Russian language. In some specialties the training is also delivered in English (about 20 specialties) and French (general medicine, pharmacy). Candidates choosing the training in English or French must have an interview to check their language competency upon arrival. The results of international language tests (e.g., IELTS, TOEFL, CAE, DALF, TCF etc.) are not required. Admission requirements for Russian state universities Applications for study on a foundation course are accepted from 1st May.,,

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