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 sus...

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Main Authors:	Pinto, Brian, Ulatov, Sergei
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
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 http://hdl.handle.net/10986/10153

id	okr-10986-10153
recordtype	oai_dc
spelling	okr-10986-101532021-04-23T14:02:49Z Russia 1998 Revisited : Lessons for Financial Globalization Pinto, Brian Ulatov, Sergei 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 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. 2012-08-13T10:34:21Z 2012-08-13T10:34:21Z 2010-10 http://documents.worldbank.org/curated/en/2010/10/12922661/russia-1998-revisited-lessons-financial-globalization http://hdl.handle.net/10986/10153 English Economic Premise; No. 37 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Europe and Central Asia Russian Federation
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	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
spellingShingle	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 Pinto, Brian Ulatov, Sergei Russia 1998 Revisited : Lessons for Financial Globalization
geographic_facet	Europe and Central Asia Russian Federation
relation	Economic Premise; No. 37
description	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.
format	Publications & Research :: Brief
author	Pinto, Brian Ulatov, Sergei
author_facet	Pinto, Brian Ulatov, Sergei
author_sort	Pinto, Brian
title	Russia 1998 Revisited : Lessons for Financial Globalization
title_short	Russia 1998 Revisited : Lessons for Financial Globalization
title_full	Russia 1998 Revisited : Lessons for Financial Globalization
title_fullStr	Russia 1998 Revisited : Lessons for Financial Globalization
title_full_unstemmed	Russia 1998 Revisited : Lessons for Financial Globalization
title_sort	russia 1998 revisited : lessons for financial globalization
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2010/10/12922661/russia-1998-revisited-lessons-financial-globalization http://hdl.handle.net/10986/10153
_version_	1764412045516603392

Russia 1998 Revisited : Lessons for Financial Globalization

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