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