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Russia 1998 Revisited: Lessons for Financial Globalization

Author

Listed:
  • Pinto, Brian

    () (World Bank)

  • Ulatov, Sergei

    () (World Bank)

Abstract

In 1998, the Russian Federation experienced one of the most severe emerging market crises of the 1997–2001 period. It occurred less than six months after the attainment of single-digit inflation, which was supposed to launch the economy onto a sustainable growth path. This note sets out why that occurred and discusses the lessons learned.

Suggested Citation

  • Pinto, Brian & Ulatov, Sergei, 2010. "Russia 1998 Revisited: Lessons for Financial Globalization," World Bank - Economic Premise, The World Bank, issue 37, pages 1-4, October.
  • Handle: RePEc:wbk:prmecp:ep37
    as

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    File URL: http://siteresources.worldbank.org/INTPREMNET/Resources/EP37.pdf
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    References listed on IDEAS

    as
    1. Dungey, Mardi & Fry, Renee & Gonzalez-Hermosillo, Brenda & Martin, Vance, 2006. "Contagion in international bond markets during the Russian and the LTCM crises," Journal of Financial Stability, Elsevier, vol. 2(1), pages 1-27, April.
    2. Pierre-Olivier Gourinchas & Olivier Jeanne, 2013. "Capital Flows to Developing Countries: The Allocation Puzzle," Review of Economic Studies, Oxford University Press, vol. 80(4), pages 1484-1515.
    3. Brian Pinto & Vladimir Drebentsov & Alexander Morozov, 2000. "Give Macroeconomic Stability and Growth in Russia a Chance," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 297-324, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Russia; globalization; crisis; inflation; currency; ruble; 1998; savings; financial market; soviet;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • P3 - Economic Systems - - Socialist Institutions and Their Transitions

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