{"id":"https://openalex.org/W2155182483","doi":"https://doi.org/10.1111/1468-2362.00101","title":"Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints","display_name":"Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints","publication_year":2002,"publication_date":"2002-11-01","ids":{"openalex":"https://openalex.org/W2155182483","doi":"https://doi.org/10.1111/1468-2362.00101","mag":"2155182483"},"language":"en","primary_location":{"id":"doi:10.1111/1468-2362.00101","doi":"https://doi.org/10.1111/1468-2362.00101","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-2362.00101","pdf_url":null,"source":{"id":"https://openalex.org/S2165841","display_name":"International Finance","issn_l":"1367-0271","issn":["1367-0271","1468-2362"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103540629","display_name":"Enrico C. Perotti","orcid":"https://orcid.org/0000-0002-9519-8667","observed_orcids":["https://orcid.org/0000-0002-9519-8667","https://orcid.org/0009-0006-4413-0212"]},"institutions":[{"id":"https://openalex.org/I887064364","display_name":"University of Amsterdam","ror":"https://ror.org/04dkp9463","country_code":"NL","type":"education","lineage":["https://openalex.org/I887064364"]}],"countries":["NL"],"is_corresponding":true,"raw_author_name":"Enrico Perotti","raw_affiliation_strings":["University of Amsterdam and CEPR"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Amsterdam and CEPR","institution_ids":["https://openalex.org/I887064364"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5103540629"],"corresponding_institution_ids":["https://openalex.org/I887064364"],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":7.5158,"has_fulltext":false,"cited_by_count":54,"citation_normalized_percentile":{"value":0.96831488,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"5","issue":"3","first_page":"359","last_page":"399"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.47530001401901245,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.47530001401901245,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.43070000410079956,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13186","display_name":"Russia and Soviet political economy","score":0.050700001418590546,"subfield":{"id":"https://openalex.org/subfields/3320","display_name":"Political Science and International Relations"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/1998-russian-financial-crisis","display_name":"1998 Russian financial crisis","score":0.9179999828338623},{"id":"https://openalex.org/keywords/capital-flight","display_name":"capital flight","score":0.8679999709129333},{"id":"https://openalex.org/keywords/budget-deficit","display_name":"budget deficit","score":0.6119999885559082},{"id":"https://openalex.org/keywords/banking-supervision","display_name":"banking supervision","score":0.5979999899864197},{"id":"https://openalex.org/keywords/deposit-insurance","display_name":"deposit insurance","score":0.7760000228881836},{"id":"https://openalex.org/keywords/narrow-banking","display_name":"narrow banking","score":0.949999988079071},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.39899998903274536}],"concepts":[{"id":"https://openalex.org/C2779775300","wikidata":"https://www.wikidata.org/wiki/Q44312","display_name":"Bailout","level":3,"score":0.7088158130645752},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5629397034645081},{"id":"https://openalex.org/C4163816","wikidata":"https://www.wikidata.org/wiki/Q757382","display_name":"Insolvency","level":2,"score":0.5492631196975708},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.5414365530014038},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.50551438331604},{"id":"https://openalex.org/C69637215","wikidata":"https://www.wikidata.org/wiki/Q702362","display_name":"Default","level":2,"score":0.48966625332832336},{"id":"https://openalex.org/C2779777834","wikidata":"https://www.wikidata.org/wiki/Q4202277","display_name":"Enforcement","level":2,"score":0.46453481912612915},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.4558379650115967},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.44663330912590027},{"id":"https://openalex.org/C2777817046","wikidata":"https://www.wikidata.org/wiki/Q376935","display_name":"Deposit insurance","level":2,"score":0.43651530146598816},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.27480801939964294},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.27350354194641113},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.2083226442337036},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/1468-2362.00101","doi":"https://doi.org/10.1111/1468-2362.00101","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-2362.00101","pdf_url":null,"source":{"id":"https://openalex.org/S2165841","display_name":"International Finance","issn_l":"1367-0271","issn":["1367-0271","1468-2362"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions","score":0.9595999717712402}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1523782810","https://openalex.org/W7097214665","https://openalex.org/W4239233761","https://openalex.org/W1531512150","https://openalex.org/W573848222","https://openalex.org/W2912945856","https://openalex.org/W7033539575","https://openalex.org/W2262291766","https://openalex.org/W2067421254","https://openalex.org/W219978322"],"abstract_inverted_index":{"On":[0],"17":[1],"August":[2],"1998,":[3],"Russia":[4],"abandoned":[5],"its":[6,12,205],"exchange":[7],"rate":[8],"regime,":[9],"defaulted":[10],"on":[11,20,54,216],"domestic":[13],"public":[14],"debt":[15],"and":[16,34,44,59,132,151,160,182,185,210,226],"declared":[17],"a":[18,46,71,104,116,166,192,197,217,227],"moratorium":[19],"all":[21],"private":[22],"foreign":[23],"liabilities,":[24],"which":[25,155],"was":[26,79,175],"equivalent":[27],"to":[28,125,137,157,165,179,187],"an":[29,80,142],"outright":[30],"default.":[31],"The":[32,73],"depth":[33],"speed":[35],"of":[36,48,56,69,76,100,106,108,129,145,230],"the":[37,41,67,77,98,127,138,158,172,180],"Russian":[38],"meltdown":[39],"shocked":[40],"international":[42,60,122],"markets,":[43],"precipitated":[45],"period":[47],"serious":[49],"financial":[50],"instability.":[51],"Important":[52],"lessons":[53],"issues":[55],"bank":[57],"supervision":[58],"stability":[61],"can":[62],"be":[63],"learned":[64],"by":[65,111,115,120],"understanding":[66],"roots":[68],"such":[70],"crisis.":[72,139],"visible":[74],"reason":[75],"crisis":[78,162],"unsustainable":[81],"fiscal":[82,159],"deficit":[83],"coupled":[84],"with":[85,191],"massive":[86],"capital":[87,133],"flight,":[88],"but":[89],"what":[90],"were":[91],"their":[92],"underlying":[93],"causes?":[94],"We":[95,140,189],"argue":[96],"that":[97,135],"structure":[99],"individual":[101],"incentives":[102],"in":[103,223],"context":[105],"capture":[107],"state":[109],"decisions":[110],"special":[112],"interests,":[113],"compounded":[114],"rouble":[117],"overvaluation":[118],"driven":[119],"exceptional":[121],"support,":[123],"helps":[124],"explain":[126],"build\u2013up":[128],"non\u2013payment,":[130],"theft":[131],"flight":[134],"led":[136,156],"offer":[141],"explicit":[143],"model":[144],"rational":[146,152],"collective":[147,153],"non\u2013compliance,":[148],"cash":[149],"stripping":[150],"non\u2013payment":[154],"banking":[161,173,199,220,225],"and,":[163],"ultimately,":[164],"complete":[167],"meltdown.":[168],"In":[169],"our":[170],"view,":[171],"sector":[174],"already":[176],"insolvent":[177],"prior":[178],"crisis,":[181],"contributed":[183],"directly":[184],"indirectly":[186],"it.":[188],"conclude":[190],"radical":[193],"policy":[194],"proposal":[195],"for":[196,201,204,208],"stable":[198],"system":[200],"Russia,":[202],"appropriate":[203],"current":[206],"capacity":[207],"legal":[209],"supervisory":[211],"enforcement.":[212],"It":[213],"is":[214],"based":[215],"segmented,":[218],"narrow":[219],"sector,":[221],"concentration":[222],"commercial":[224],"cautious":[228],"extension":[229],"deposit":[231],"insurance.":[232]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":4}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}