Melloni Market Without Economy

The 1998 Russian Financial Crisis
1. Auflage 2007
ISBN: 978-3-8382-5407-4
Verlag: ibidem
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, Band 40, 156 Seiten, E-Book, Format (B × H): 127 mm x 203 mm

Reihe: Soviet and Post-Soviet Politics and Society

The 1998 financial crisis in Russia was one of the most dramatic economic breakdowns and symbolized the failure of the transition process as it had been conducted since the end of the Soviet Union. There is no general agreement on the nature of the rouble collapse; a number of contradictory interpretations have been discussed among economists. This book argues that the Russian 1998 financial turmoil is best predicted by Krugman's and Sargent-Wallace's models. The currency collapse had its origins in the peculiar way in which the transition was managed. In particular, the Russian government became entrapped in the double constraint of a tight monetary policy imposed by the IMF on the one side, and a loose fiscal policy to support the private sector on the other. Those policies were inconsistent, and led to inflationary processes that were postponed through emission of a large amount of Treasury Bonds to finance the fiscal deficit. At the same time, a tight monetary policy retarded the recovery of the industrial sector. While the particular timing of the crisis was co-determined by other factors, such as the Asian financial crisis and the fall of the oil price, it was this incoherent monetary and financial policies mix that constituted the main cause of the rouble's spectacular collapse in August 1998. The book provides extensive coverage of a decade of Russian reforms. It critically analyzes neo-liberal ideology and the course of the transition process supported by the Washington Consensus.

Autoren/Hrsg.

Melloni, Nicola. Eiji Furukawa (for.)

Melloni, Nicola

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie

Inhaltsverzeichnis

List of Tables
List of Figures
Acknowledgements
Foreword by Eiji Furukawa
Introduction
1 The Russian Stabilisation Programme
2. Russian Default and Financial Crisis Theory
3. The Aftermath of the Crisis
Conclusions
Appendix
Bibliography

Über Autor(innen)

Nicola Melloni is a doctoral student at St. Hugh's College Oxford and University of Oxford's Centre for International Development--Queen Elizabeth House. He graduated in Political Science at the University of Bologna. He holds an MA in International Relations from the University of Bologna as well as an MPhil in Russian and East European Studies from Oxford. Melloni is also a commentator on Russian politics for the Italian magazine Carta.The foreword author:Eiji Furukawa is Moscow correspondent for the Japanese newspaper Nikkei and the co-author of several books on international affairs.