Who Lost Russia?
Graduate Institute of International Studies Working Paper, presented at the conference "Money Doctors" in Paris on December 14-16, 2000
Posted: 10 Feb 2001
Date Written: December 2000
The Russian crisis which occurred in August 1998 represented the culmination of a long process marked by half-successes and serious setbacks. The paper reviews the factors which led to the collapse of the ruble and the default on the public debt. During the run up period, Russia was operating under an IMF program and was a recipient of large funds from the World Bank as well as from private investments. The paper evaluates the Fund's advice and the apparent blindness on foreign investors. It discusses the effect of foreign behavior and advice on Russia's policymakers' decisions.
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