Russia 1998 Revisited : Lessons for Financial Globalization

Russia 1998 Revisited : Lessons for Financial Globalization

In 1998, the Russian Federation experienced one of the most severe emerging market crises of the 1997-2001 periods. 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.

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Bibliographic Details
Main Authors: Pinto, Brian, Ulatov, Sergei
Language:English
Published: World Bank, Washington, DC 2010-10
Subjects:ARREARS, ASSET STRIPPING, AUCTIONS, BAILOUT, BAILOUTS, BALANCE-OF-PAYMENTS CRISES, BASIS POINTS, BOND YIELD, BUDGET BALANCE, CAPITAL FLOWS, CENTRAL BANK, CENTRAL PLANNING, CORPORATE GOVERNANCE, DEBT BURDEN, DEBT CRISIS, DEBT ISSUANCE, DEBT OBLIGATIONS, DEBT SWAPS, DEFICITS, DEVALUATION, DEVELOPING COUNTRIES, DISBURSEMENT, DOMESTIC CURRENCY, ECONOMIC GROWTH, ECONOMIC OUTCOMES, ECONOMIC POLICY, ECONOMIC RESEARCH, ECONOMIC VOLATILITY, EMERGING MARKET, ENTERPRISE RESTRUCTURING, EUROBOND, EXCHANGE-RATE, EXPENDITURE, EXTERNAL DEBT, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCIAL ENGINEERING, FINANCIAL LIBERALIZATION, FINANCIAL SITUATION, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL DEFICIT, FISCAL DEFICITS, FIXED EXCHANGE RATE, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN PORTFOLIO, FOREIGN PORTFOLIO INVESTMENT, FORWARD RATES, GDP, GLOBALIZATION, GOVERNMENT DEBT, GROWTH RATES, HEDGE FUND, HOLDING, INFLATION, INTEREST PARITY, INTEREST PAYMENTS, INTEREST RATE DIFFERENTIALS, INTEREST RATES, INTERNATIONAL BOND, INTERNATIONAL BOND MARKETS, LIQUIDITY, LOAN, LOCAL CURRENCY, LONG-TERM CAPITAL, LONG-TERM CAPITAL MANAGEMENT, MACROECONOMIC CRISES, MACROECONOMIC ENVIRONMENT, MACROECONOMIC STABILITY, MACROECONOMIC STABILIZATION, MARKET CONFIDENCE, MARKET ECONOMY, MARKET INVESTORS, MONETARY FUND, MONETARY POLICY, MONIES, MORAL HAZARD, NOMINAL EXCHANGE RATE, NONPAYMENTS, OUTSTANDING DEBT, OUTSTANDING STOCK, PEG, PORTFOLIO, POVERTY REDUCTION, PRIVATE INVESTORS, PRIVATIZATION, PUBLIC FINANCES, RATE OF DEPRECIATION, REAL APPRECIATION, REAL EFFECTIVE EXCHANGE RATE, REAL EXCHANGE RATE, REAL GDP, REAL INTEREST, REAL INTEREST RATE, REAL INTEREST RATES, RENEGOTIATION, RESERVES, RETURN, RISK PREMIUM, SEIGNIORAGE, SENIOR DEBT, SETTLEMENTS, SHORTFALLS, SOLVENCY, SOLVENCY PROBLEMS, SOVEREIGN BOND, SOVEREIGN DEBT, SOVEREIGN RISK, SPECULATIVE ATTACK, SPECULATIVE ATTACKS, STOCK MARKET, SURPLUSES, SUSTAINABLE GROWTH, SWAP, TAX, TAX ARREARS, TAX RATE, TELECOMMUNICATIONS, TREASURY, TREASURY BILL, TREASURY BILLS, TURBULENT PERIOD, VIRTUOUS CYCLE, WEAK CORPORATE GOVERNANCE, YIELD SPREAD,
Online Access:http://documents.worldbank.org/curated/en/2010/10/12922661/russia-1998-revisited-lessons-financial-globalization
https://hdl.handle.net/10986/10153
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http://documents.worldbank.org/curated/en/2010/10/12922661/russia-1998-revisited-lessons-financial-globalization
https://hdl.handle.net/10986/10153

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