Currency Crises in Post-Soviet Russia

(Russian Review) (Co-authored by David Woodruff) Abstract: Currency crises have been a recurrent feature of Russia's post-Soviet experience. This article examines three episodes of sudden and sharp ruble depreciation in 1998,…

The End of ‘Primitive Capitalist Accumulation’?: The New Bankruptcy Law and the Political Assertiveness of Russian Big Business

One of the important long-term trends in Russian business since the collapse of the Soviet Union has been concentration, as a small number of business groups (the heads of which…

Khodorkovsky’s Gamble: From Business to Politics in the YUKOS Conflict

Political battles in Russia have a reputation for being as obscure as they are vicious; thus Churchill’s famous comparison of Politburo rivals to bulldogs fighting under a carpet. Churchill’s saying now seems…

Pension Reform In Russia: From the Politics of Implementation to the Politics of Lawmaking?

Under President Boris Yeltsin, the politics of economic transformation was a politics of implementation, not of lawmaking. The decisions of bureaucrats, whether motivated by corruption or public spirit, counted for…

Too Much of a Good Thing? High Oil Prices and Russian Monetary Policy

The gloom that followed the August 1998 financial crisis has given way, in some circles, to euphoria. In the first half of 2000, the Russian economy grew by 7.5% compared…

Dilemmas and Tradeoffs in Russian Exchange Rate Policy

Russia is at a crossroads in dealing with one of its greatest dilemmas: how to set the ruble's exchange rate. The August 1998 financial crisis led to a very sharp and…

The Russian Barter Debate: Implications for Western Policy

Barter and other closely related forms of non-monetary exchange present a critical challenge for Russian public policy. As of early 1998, from 50 to 70% of exchange in industry took…

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