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Eurasian Academy Of Sciences Social Sciences JournalYl:2015 Say: 2 Alan: ktisat

AYA SARIALOLU HAYAL
The Russian Crisis of 1998: Was It a Result of a Shock Therapy?
 
1998 Rusya Krizi: Bir ok Terapinin Sonucu muydu? Liberalizasyon sreciyle tevik edilen aklk, ironik olarak, 1990larda gelimekte olan dnyadaki finansal krizlere akl ifade etti. Rusya rnei bunlar iinde nc oland ki burada neoliberal bak as tarafndan uygulanan ok terapi hala daha tartlmaktadr. alma sz konusu krizi ilgili kriz modelleri asndan analiz etmekte ve tartmaktadr. alma, neoliberal bak as tarafndan ekillenen genel kannn aksine Rusya Krizinin birinci yada ikinci nesil modeller asndan kolaylkla ele alnamayacak, daha ok nc nesil modellere iaret eden pek ok bilekesi olduunu savunmaktadr. nc nesil kriz modelleri finansal piyasa baarszlklar, yksek volatiliteli sermaye hareketleri ve yaylma problemleri gibi teorilerin bir kombinasyonu olarak ele alnabildiinden alma, neoliberal grn aksine nc nesil kriz modellerinin Rusya rnei iin en uygun olanlar olduu sonucuna varmtr.

Anahtar Kelimeler: Uluslararas Finansal Krizler, 1998 Rusya Krizi, Kriz Literatr, nc Nesil Kriz modelleri


The Russian Crisis of 1998: Was It a Result of a Shock Therapy?
 
The openness promoted by the liberalisation process referred, ironically, to the openness to the financial crises in developing world in the 1990s. Russian case was the leading one among them, in which the shock therapy implemented by the neo-liberal perspective has been still under discussion. The paper analyzes and discusses such crisis in terms of the relevant models of crisis. The paper maintains that contrary to the general view shaped by neo-liberal perspective, the Russian Crisis has several compounds, which cannot be easily tackled in terms of either first or second generation models, rather points to the third generation models. Since the third generation models can be handled as a combination of theories such as financial market failures, highly volatile capital flows and contagion problems the paper finds out that those are the most appropriate ones for the Russian case contrary to the neoliberal perspective.

Keywords: International Financial Crises; the Russian Crisis of 1998; Crisis Literature; the Third Generation Models of Crises


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