Research Article
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Article title
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Abstract
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Keywords
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1. Introduction
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2. Definitions and theoretical models
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3. Historical overview
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3.1. Collapse of the Soviet ruble (1989–1993)
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3.2. Monetary instability in the FSU (1992–1995)
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3.3. Russian and CIS financial crisis of 1998–1999
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3.4. Fallout from the global financial crisis (2008–2009)
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4. Dynamics of the 2014–2016 crisis
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4.1. Russia
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4.2. Ukraine
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4.3. Other FSU countries
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4.4. Shortcomings in crisis management
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4.4.1. Foreign exchange interventions
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4.4.2. Interest rate increases
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4.4.3. Changes in monetary regimes and transparency problems
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4.4.4. Foreign exchange controls
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5. Role of global and regional factors
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5.1. US monetary policy
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5.2. Decline in oil and commodity prices
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5.3. Consequences of Ukrainian conflict
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6. Deep roots of the FSU currency crises
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6.1. Ghosts of the past: Limited credibility of FSU currencies
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6.2. Poor business climate and capital flight
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7. Conclusions and policy lessons
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References