Trade and capital flows between Russia and the rest of the world are now significant for both partners. The economic reforms introduced in Russia since 1991 have converted an autarkic, highly regulated economy into a relatively open one. The dramatic change followed from the abolition of central...

This paper explores three areas in which the experience of the Great Depression might be relevant today: monetary policy, fiscal policy and the systemic stability of the banking system. We confirm the consensus on monetary policy: deflation must be avoided. With regard to fiscal policy, the...