This paper provides a unified theory to explain the onset of the financial crisis in 1998 and the striking economic … between the two sectors arises due to a lemons lending market and due to a large government budget. In a lemons credit market … collapse of the treasury bills market in Russia in the financial crisis of 1998 reversed this process and thus acted as a …

arises due to the coexistence of adverse selection in a lemons credit market jointly with high government borrowing. The … collapse of the treasury bills market in the financial crisis of August 1998 triggers a change in banks lending behavior. A …

of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from … collapse of the treasury bills market in the financial crisis triggered a change in banks'' lending behavior, providing initial …

arises due to the coexistence of adverse selection in a lemons credit market jointly with high government borrowing. The … collapse of the treasury bills market in the financial crisis of August 1998 triggers a change in banks lending behavior. A …