초록 close

The main objective of this study is to highlight the importance of political instability,defined as frequent changes in and of government, in underming the Rusianexchange rate based stabilization program of the 1990s. The empirical evidencesupports the significance of political instability along with economic fundamentalsin determining Rusian real effective exchange rate and exchange market pressure,used as a proxy to the crisis. JEL classification: F31, C13