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Currency crises in Russia and other transition economies

Author

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  • Popov, Vladimir

Abstract

In 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.

Suggested Citation

  • Popov, Vladimir, 2001. "Currency crises in Russia and other transition economies," MPRA Paper 28117, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:28117
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    File URL: https://mpra.ub.uni-muenchen.de/28117/1/MPRA_paper_28117.pdf
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    References listed on IDEAS

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    3. Popov, V., 1996. "A Russian Puzzle. What Makes the Russian Economy Transformation a Special Case," Research Paper 29, World Institute for Development Economics Research.
    4. V. Popov, 2000. "Lessons of the Currency Crisis in Russia and in Other Countries," Problems of Economic Transition, Taylor & Francis Journals, vol. 43(1), pages 45-73.
    5. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    6. 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, January.
    7. Vladimir Popov, 2000. "Shock Therapy Versus Gradualism: The End Of The Debate (Explaining The Magnitude Of Transformational Recession)," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 42(1), pages 1-57, April.
    8. 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.
    9. 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;Association for Comparative Economic Studies, vol. 41(1), pages 1-42, April.
    10. 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.
    11. 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.
    12. Jens Holscher, 1997. "Economic dynamism in transition economies: Lessons from Germany," Post-Communist Economies, Taylor & Francis Journals, vol. 9(2), pages 173-181.
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    Cited by:

    1. 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.

    More about this item

    Keywords

    currency crises; transition economies; Southeast Asia;

    JEL classification:

    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • F3 - International Economics - - International Finance

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