1998 Russian financial crisis

The 1998 Russian financial crisis was a collapse of public finance and banking that culminated in ruble devaluation and domestic debt default in August 1998.

Russian government bonds: Debt securities issued by the Russian state to finance public spending and refinance obligations. Short-term government bonds became central to the crisis as investors refused to roll them over.
Russian financial crisis of 1995: A period of financial instability in Russia that exposed vulnerabilities in public finance and banking before the 1998 collapse. Earlier instability showed that Russia’s financial system remained vulnerable well before August 1998.
Boris Yeltsin: President of Russia from 1991 to 1999 during the country’s post-Soviet transition. Yeltsin’s government faced the crisis and announced the measures that triggered the default.
Russian economic recovery: The rebound of Russia’s economy after the contraction and financial disruption of the late 1990s. Devaluation, import substitution, and rising commodity prices helped support recovery after the crisis.
Mexican peso crisis: A 1994–1995 currency and financial crisis in Mexico marked by peso devaluation and capital flight. It is a prominent earlier emerging-market crisis, but Mexico avoided Russia’s domestic sovereign default.
Russian ruble: The official currency of Russia, introduced in its modern form after the Soviet Union dissolved. Pressure on the ruble forced the authorities to abandon its managed exchange-rate band.
Russian financial crisis of 1997–1998: A prolonged period of financial stress in Russia that culminated in the August 1998 default and devaluation. The August events were the climax of a crisis already developing during 1997 and 1998.
Sergei Kiriyenko: Russian politician who served as prime minister from April to August 1998. Kiriyenko headed the government that declared the debt moratorium and abandoned the ruble band.
Russian financial crisis of 2008: A Russian market and banking crisis in 2008 triggered by global credit turmoil and falling commodity prices. The later crisis tested a financial system shaped partly by lessons from 1998.
Argentine economic crisis: A prolonged economic collapse in Argentina that culminated in default and the abandonment of its currency peg in 2001. Argentina’s later default invites comparison with Russia’s, while its currency regime and chronology differed.

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