Currency crises in Russia and other transition economies
AbstractIn recent years currency crises affected not only Southeast Asian countries, but transition economies as well. The Russian crisis of August 1998 was perhaps the most spectacular example, but it was preceded by currency crises in Bulgaria and Romania in 1996-97, in Ukraine and Belarus in 1997-98 and followed by the currency crisis in Kyrghyzstan and Georgia in late 1998, and in Kazakhstan in early 1999. Were these crises the result of financial contagion spreading in the global economy? Or were they of "the national making", but caused by reasons similar to that in Southeast Asia? The paper argues that neither of the above explanations is true and embraces a third explanation: currency crises in transition economies resulted mostly from domestic policy mistakes, but of different nature than those in Southeast Asia.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 28117.
Date of creation: Oct 2001
Date of revision:
currency crises; transition economies; Southeast Asia;
Find related papers by JEL classification:
- O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
- F3 - International Economics - - International Finance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Padma Desai (ed.), 1997. "Going Global: Transition from Plan to Market in the World Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262041618, December.
- V. Popov, 2000.
"Lessons of the Currency Crisis in Russia and in Other Countries,"
Problems of Economic Transition,
M.E. Sharpe, Inc., vol. 43(1), pages 45-73, May.
- V. Popov, 1999. "Lessons of the Currency Crisis in Russia and in Other Countries," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
- Jens Holscher, 1997. "Economic dynamism in transition economies: Lessons from Germany," Post-Communist Economies, Taylor & Francis Journals, vol. 9(2), pages 173-181.
- Robert R. Kaufman & Barbara Stallings, 1991. "The Political Economy of Latin American Populism," NBER Chapters, in: The Macroeconomics of Populism in Latin America, pages 15-43 National Bureau of Economic Research, Inc.
- Vladimir Popov, 2000. "Shock Therapy Versus Gradualism: The End Of The Debate (Explaining The Magnitude Of Transformational Recession)," Comparative Economic Studies, Palgrave Macmillan, vol. 42(1), pages 1-57, April.
- E. Yasin, 1999. "Defeat or Retreat? (Russian Reforms and Financial Crisis)," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
- Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996.
"Financial Crises in Emerging Markets: The Lessons from 1995,"
NBER Working Papers
5576, National Bureau of Economic Research, Inc.
- Jeffrey D. Sachs & Aaron Tornell & Andrés Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 147-216.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Harvard Institute of Economic Research Working Papers 1759, Harvard - Institute of Economic Research.
- Popov, V., 1996. "A Russian Puzzle. What Makes the Russian Economy Transformation a Special Case," Research Paper 29, World Institute for Development Economics Research.
- Desai, Padma, 1998. "Macroeconomic Fragility and Exchange Rate Vulnerability: A Cautionary Record of Transition Economies," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 621-641, December.
- Rudiger Dornbusch & Sebastian Edwards, 1989. "Macroeconomic Populism in Latin America," NBER Working Papers 2986, National Bureau of Economic Research, Inc.
- Vladimir Popov, 1999. "The Financial System in Russia Compared to Other Transition Economies: The Anglo-American Versus the German-Japanese Model*," Comparative Economic Studies, Palgrave Macmillan, vol. 41(1), pages 1-42, April.
- Vladimir Popov, 1998. "Will Russia achieve fast economic growth?," Post-Communist Economies, Taylor & Francis Journals, vol. 10(4), pages 421-449.
- Popov, Vladimir, 2005.
"Exchange rate in a resource based economy in the short term: the case of Russia,"
28115, University Library of Munich, Germany.
- Vladimir Popov, 2011. "Exchange Rate in a Resource-Based Economy in the Short-Term: The Case of Russia," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(3), pages 20-49, August.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.