| Political Instability and the August 1998 Ruble Crisis |
Tatiana Fic, Omar Farooq Saqib, |
National Bank of Poland
State Bank of Pakistan |
| Copyright ©2006 The Journal of Economic Integration |
| ABSTRACT |
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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
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| REFERENCE |
| 1. |
Alesina, A., S. Özler, N. Roubini, and P. Swagel (1992). Political Instability and Economic Growth. NBER Working Paper No. 4173. MIT, Massachusetts |
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| 2. |
Alesina, A. and A. Drazen (1991). Why are Stabilization Delayed? American Economic Review, 81, 1170-1188. |
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