Russia in the early 1990s did not actually follow monetarism despite the rhetoric: central banker Gerashchenko ran the printing press faster and faster (rubles went from 180/$ in 1992 to over 5,000/$ in 1995), so markets were blamed for failures of a policy that wasn't really being implemented.
factualpending
Speaker
Peter BoettkeEvidence Quote
“Russia did not follow this advice gerashenko notion of running monetarism was to print the printing press as faster and faster phases so that you actually threatened a hyperinflation”
Created: 6/17/2026, 10:29:22 AM
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