"Gorodets" publishing house, Moscow 2001. (published in Russian)
The monograph focuses on the causes and consequences of the Russian debt crisis and the public debt dynamics before the 1998 default; some theoretical aspects of public debt management are examined and impact of gradual liberalization of the public debt instruments on the dynamics of interest rates is analyzed.
The mechanisms of the crisis growth in 1997-1998 and consequences of the financial crisis are highlighted in the work. The author tackles the sovereign default issue and presents an analysis of theoretical models whereby public debt crisis causes, ways to prevent sovereign default and particular mechanisms of settling the problem of a borrower's dropping its liabilities are outlined. An analysis of a number of ways to settle debt crises, using the Russian crisis as an example, is presented.
The monograph also examines the issue related to the public debt management, namely to the transition to the retirement accumulation plan. Numerical experiment results are presented revealing that an extra tax burden on the Russian economy might be insignificant, provided the transition process is properly handled.
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