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Journal of Economic Integration 2006 December;21(4) :764-783.
DOI: https://doi.org/10.11130/jei.2006.21.4.764
Political Instability and the August 1998 Ruble Crisis
Tatiana Fic and 
Omar Farooq Saqib 
National Bank of Poland
State Bank of Pakistan
Copyright ©2006 Journal of Economic Integration
ABSTRACT

The main objective of this study is to highlight the importance of political instability, defined as frequent changes in and of government, in undermining the Russian exchange rate based stabilization program of the 1990s. The empirical evidence supports the significance of political instability along with economic fundamentals in determining Russian real effective exchange rate and exchange market pressure, used as a proxy to the crisis.

JEL classification: F31, C13

Keywords: Currency crises | Economic fundamentals | Political instability
 
REFERENCE
1. Alesina, A., S. Özler, N. Roubini, and P. Swagel (1992). Political Instability and Economic Growth. NBER Working Paper No. 4173. MIT, Massachusetts
2. Alesina, A. and A. Drazen (1991). Why are Stabilization Delayed? American Economic Review, 81, 1170-1188.
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