Crisis of 1998: who is to blame?

Scientific director of HSE Yevgeny Yasin shared his vision of the economic crisis of 1998.
August 17, 1998 a technical default was declared on the main types of government debt. The crisis occurred amid difficult economic situation in the country, exacerbated by ineffective macroeconomic policies pursued by the authorities in the mid-1990s. To stabilize the situation, the Government of the Russian Federation and the Central Bank undertook extraordinary measures. The crisis of 1998 was short-term and was followed by large-scale recovery in the economy.