This book examines history of Russian finances in the period of Russia's transition from communism to capitalism in the 1990s and in the current decade. It focuses on obstacles to market reforms and macroeconomic policy choices that resulted in the state debt expansion and the financial crisis of 1998.
"Andrey Vavilov has done a splendid job of integrating modern macroeconomic theory with personal experience. Stunningly coherent, comprehensive and lively. It should be read by anyone who is serious about studying Russian economy." - Oleg Viyugin, Chairman of the board of MDM Bank, former Head of the Federal Financial Markets Service (Russian Federation).
"Sovereign debt management has been a central issue in Russia's economic transformation. Andrei Vavilov provides an excellent and comprehensive account of the causes and implications of the evolution of Russian debt combining personal experience from one of the key players in managing Russian debt in 1990s with facts, data, and insights from macroeconomic theory. A must read for all interested in Russian economy." - Sergei Guriev, Morgan Stanley Professor of Economics and the Rector of the New Economic School in Moscow.
"Over the span of barely two decades Andrei Vavilov's career path has taken him from academia, to top-level government service in Russia's executive and legislative branches, to success in industry and finance on a global scale. His new book combines the insider's unique insights into policymaking with the balanced and informed judgment of the professional economist and businessman, as it presents the real story of successes and failures in Russia's attempts to create the lifeline of a vibrant market economy a robust and modern financial system." - Clifford G. Gaddy, Senior Fellow, the Brookings Institution, US.