The Russian Public Debt and Financial Meltdowns

Cover......Page 1
Contents......Page 6
List of Figures, Tables, and Boxes......Page 8
Acknowledgements......Page 12
Introduction......Page 14
Introduction......Page 24
1.1 The Soviet debt......Page 25
1.2 The Russian debt: beginning of management......Page 38
1.3 External debt and macroeconomic policy......Page 53
Introduction......Page 63
2.1 The origination of financial markets......Page 64
2.2 Macroeconomic stabilization and public debt......Page 82
2.3 The fragile banking system......Page 91
Introduction......Page 100
3.1 Virtual economy......Page 101
3.2 Fiscal crisis......Page 113
Introduction......Page 134
4.1 Dynamics of public debt in 1995–98......Page 135
4.2 Domination of short-term debt......Page 141
4.3 Opening the domestic debt market......Page 145
Appendix A4.1......Page 153
Appendix A4.2......Page 155
Introduction......Page 157
5.1 A brief history of the Russian crisis......Page 158
5.2 The fundamental factors of the crisis......Page 164
5.3 The Central Bank policy......Page 170
6.1. Failure to normalize the state budget......Page 177
6.2. Belated debt management......Page 180
6.3. 17 August – the debt default......Page 184
6.4. A post-crisis inflation trade-off......Page 191
Appendix A6.1: A model of banks supporting devaluation......Page 195
7.1 The results of the ruble devaluation......Page 200
7.2 Fiscal discipline, consolidation and the end of financial chaos......Page 207
7.3 The debt burden easing after the default......Page 216
7.4 Conclusion......Page 220
Appendix A7.1: Restructuring of obligations to the London Club......Page 222
Introduction......Page 226
8.1 Two crises: how much in common?......Page 227
8.2 Anti-crisis policy......Page 239
8.3 Impact of the crisis......Page 246
8.4 What is next?......Page 248
Notes......Page 250
References......Page 269
Index......Page 275