The rapid buildup of sovereign debt would have challenged even a competent government. In the new Russia, with its barely functioning government and no consensus on the path toward democratic and economic transformation, domestic politics trumped economic common sense. In analyzing the ordeal of the crisis, Gilman suggests that the IMF helped Russia avoid an even greater catastrophe. There really was no precedent, even if economist Joseph Stiglitz and others argued otherwise. In recounting Russia's emergence from the IMF's tutelage, Gilman explains how the shell-shocked Russian public turned to Vladimir Putin in search of stability after the trauma of And although Russia's own prospects are favorable, Gilman expresses concern that the Russian default could serve as an unfortunate precedent for sovereign defaults in the future with the IMF once again playing a similar role.
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The definitive insider's account of Russia's painful transition to a market economy, as told by the IMF's senior man in Moscow at the time. In No Precedent, No Plan, Martin Gilman offers an insider's view of Russia's financial crisis. No Precedent, No Plan offers a definitive. In , President Boris Yeltsin's government defaulted on Russia's debts No Precedent, No Plan: Inside Russia's Default Published by: MIT Press.
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G54 Browse shelf. Gilman tells this exciting story well. Gilman displays many examples of the absence of policy coordination. Later chapters bring the reader to policy actions. Chapter 4 describes how a cocktail of these elements led to the subprime crisis and not just the collapse of two investment banks but the near-collapse of Fannie Mae, Freddie Mac, and AIG—and with them, the undermining of the creditworthiness of the United States.
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