Денежная реформа 1997–1998 гг. в ретроспективе

Abstract

The article contains a review of the scientific literature, which revealed significant discrepancies between researchers and an abundance of extreme judgments in the assessments of the Russian monetary reform of 1997-1998. Some consider the denomination carried out at a high level to be an effective measure by which, without causing damage to the population, it was possible to restore relative order in monetary circulation, consolidate successes in the fight against inflation, increase confidence in the ruble and strengthen its exchange rate. From their point of view, only because of the default and its extremely severe consequences, the fruits of this reform were largely lost. However, other authors consider the exchange of money as a monetarist and ill-conceived action taken at an obviously inopportune moment, as a futile attempt by the authorities to prevent or delay the impending financial collapse, and even point to its confiscatory nature by analogy with the previous reforms of 1991 and 1993. In their opinion, the denomination not only failed to achieve the goals set by its initiators, but also further aggravated the economic crisis and the disorder of monetary circulation.