Evgeniy Yasin

On Financial Crisis and its Economic and Political Consequences

1998. Vol. 2. No. 3. P. 303–307 [issue contents]
In my opinion, there are no well-established opinions about the crisis. The picture is complex, constantly changing. We can say that the estimates of liberal economists are similar. And they are true. The acute financial crisis broke out in Russia, apparently, since August 17 this year. It was expressed in the devaluation of the ruble by 2.5-3 times, then in the default (suspension of payments) on the domestic debt, a moratorium on the obligations of Russian resident banks to non-residents, which created a wave of subsequent events that significantly aggravated the situation. There was a big jump in prices, in General for August - September prices rose by 44% - a level close to the level of hyperinflation. Since the price increase was not associated with a significant emission, but with the fall of the ruble and the rise in price of imports, in the last weeks of September and early October, it slowed down somewhat, although there is no certainty that this growth will not resume due to the financial problems faced by the Russian government today. The crisis was also reflected in the fact that due to the outbreak of mistrust, tax collection was reduced by more than 2 times. This is a terrible blow, because tax collection has been a weak point of the budget before.
Citation: Yasin Evgeniy Evgeniy G. (1998) O finansovom krizise i ego ekonomicheskikh i politicheskikh posledstviyakh [On Financial Crisis and its Economic and Political Consequences]. HSE Economic Journal, vol. 2, no 3, pp. 303-307 (in Russian)
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