In recent years currency crises affected not only Southeast Asian countries, but transition economies as well. The Russian crisis of August 1998 was perhaps the most spectacular example, but it was preceded by currency crises in Bulgaria and Romania in 1996-97, in Ukraine and Belarus in 1997-98...

Articles have been published repeatedly in the pages of "Voprosy ekonomiki" in which attempts have been made to prove that the exchange rate of the ruble was artificially made too high, that a devaluation was not only desirable but essential to stimulate growth in exports and production, and...