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Market Without Economy
Author: Nicola Melloni

ISBN: 9783898214070
Format: Paperback
Number Of Pages: 156
Published: 31 December 2006
Country of Publication: DE
Dimensions (cm): 21.0 x 14.8 x 1.5
The 1998 financial crisis in Russia was one of the most dramatic economic breakdowns of the last decade. It symbolized the failure of the transition process as it had been conducted since the end of the Soviet Union. There is no general consensus on the reasons behind the collapse of the rouble and a number of contradictory interpretations have been discussed among economists. This book argues that the Russian 1998 financial tur-moil was best predicted by Krugman's and Sargent-Wallace's models. It suggests that the currency collapse had its origins in the peculiar way in which the transition was managed. In particular, the Russian government became trapped by the double constraint of a tight monetary policy imposed by the IMF and a loose fiscal policy needed to support the private sector. These economic policies were inconsistent, and led to inflationary pressure that was postponed by issuing a large amount of Treasury Bonds to finance the fiscal deficit. At the same time, the tight monetary policy retarded the re-covery 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 fal...

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