Fall Of The Russian Ruble

Paper Summary:

The causes of the devaluation of the ruble as a world currency are myriad, many of them deriving from incidents that happened on or around October 11, 1994, known in International Monetary Fund circles as "Black Tuesday." On that day, the ruble lost almost 25% of its value, closing at 3.926 to the dollar, its lowest value ever.

From the Paper:

"INTERNATIONAL BANKING AND FOREIGN EXCHANGE RATES IN RUSSIA
The causes of the devaluation of the ruble as a world currency are myriad, many of them deriving from incidents that happened on or around October 11, 1994, known in International Monetary Fund circles as "Black Tuesday." On that day, the ruble lost almost 25% of its value, closing at 3.926 to the dollar, its lowest value ever. Only two days later, it recovered, climbing 20% to 2.994 to the dollar. However, the political backlash lingered long after the one-day ruble shock. The causes behind the crisis are also of far more concern than the event itself (Rose, 1998, 11).
One of the central causes of the crisis was politicking in the bureaucracy. The tight (for Russia) fiscal and monetary policies which had successfully brought inflation down to ..."

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