Currency crises in post-Soviet economies — a never ending story?

Marek Dabrowski

Russian Journal of Economics, 2016, vol. 2, issue 3, 302-326

Abstract: Since the collapse of the Soviet Union, its successor states have suffered from cyclical currency crises. The most recent episode of 2014–2016 was caused by a combination of external and domestic factors. The former include tighter US monetary policy, slower global growth, and declining commodity prices, whereas the latter include the former Soviet Union (FSU) economies’ extreme macroeconomic fragility (a legacy of past crises), numerous microeconomic rigidities and structural distortions in addition to governmental deficits. In addition, the Russian–Ukraine conflict dealt a heavy blow to both economies and their neighbors. Effective anti-crisis policies must aim at eliminating all deep-rooted causes of repeated financial and macroeconomic turbulence and must involve deep structural and institutional reforms in the entire region.

Keywords: currency crisis; former Soviet Union; Russia; Ukraine; global financial crisis; commodity prices; monetary regimes (search for similar items in EconPapers)
JEL-codes: E42 E58 E65 F51 G01 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:rujoec:v:2:y:2016:i:3:p:302-326

DOI: 10.1016/j.ruje.2016.08.002

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