The Memory of the Future: The Second Edition of the Drama of 'the 1998 Crisis'

Journal of the New Economic Association, No. 1-2, pp. 249-252, 2009

Posted: 19 Apr 2011

See all articles by Vladimir Popov

Vladimir Popov

Central Economics and Mathematics Institute (CEMI); New Economic School (NES)

Date Written: 2008

Abstract

"Hegel once said: history is repeating itself. He forgot to mention – the first time as a tragedy, and the second time – as a farce..." (C. Marx, The Eighteenth Brumaire of Louis Bonaparte).

We have forgotten everything and have learned no lessons. The Central Bank is doing this again. We are “stepping on the same rake” a second time. Just like in 1998, we have first pushed the economy into the economic crisis living though a recession, and only after that and under the pressure of the circumstances, are devaluating the ruble to the extent required for restoration of production growth.

Keywords: Currency crises, Russia, 2008-09 recession, exchange rate

JEL Classification: F41, P24

Suggested Citation

Popov, Vladimir, The Memory of the Future: The Second Edition of the Drama of 'the 1998 Crisis' (2008). Journal of the New Economic Association, No. 1-2, pp. 249-252, 2009 , Available at SSRN: https://ssrn.com/abstract=1814209

Vladimir Popov (Contact Author)

Central Economics and Mathematics Institute (CEMI) ( email )

Nakhimovsky Prospect 47
Moscow, 117418
Russia

New Economic School (NES) ( email )

100A Novaya Street
Moscow, Skolkovo 143026
Russia

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