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This paper identifies and investigates conceptual and empirical links among Russia?s disappointing growth performance of the mid-1990s, its costly and eventually unsuccessful stabilization, the macroeconomic meltdown of 1998 and the spectacular rise of non-payments. Non-payments developed into a...
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provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding …
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RATIONAL RESPONSE TO INFLATION -- IV. THE ROLE OF CREDIT RISK -- V. CONCLUDING REMARKS -- APPENDIX I -- APPENDIX II …
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