Economic Premise

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The Economic Premise series summarizes good practices and key policy findings on topics related to economic policy. They are produced by the Poverty Reduction and Economic Management (PREM) Network Vice-Presidency of the World Bank.

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Russia 1998 Revisited : Lessons for Financial Globalization

2010-10, Pinto, Brian, Ulatov, Sergei

In 1998, the Russian Federation experienced one of the most severe emerging market crises of the 1997-2001 periods. It occurred less than six months after the attainment of single-digit inflation, which was supposed to launch the economy onto a sustainable growth path. This note sets out why that occurred and discusses the lessons learned.