The Russian Public Debt and Financial Meltdowns (PDF)

ANDREY VAVILOV joined the Russian Ministry of Finance in 1992 and resigned in 1997 as a First Deputy Minister of Finance. From 2002 to 2010 he served as a member of the Council of Russian Federation. He is a Visiting Senior Scholar in Penn State University and a scientific advisor to the Institute for Financial Studies.

"Andrey Vavilov has done a splendid job of integrating modern macroeconomic theory with personal experience. Stunningly coherent, comprehensive and lively. It should be read by anyone who is serious about studying Russian economy." - Oleg Viyugin, Chairman of the board of MDM Bank, former Head of the Federal Financial Markets Service (Russian Federation).

"Sovereign debt management has been a central issue in Russia's economic transformation. Andrei Vavilov provides an excellent and comprehensive account of the causes and implications of the evolution of Russian debt combining personal experience from one of the key players in managing Russian debt in 1990s with facts, data, and insights from macroeconomic theory. A must read for all interested in Russian economy." - Sergei Guriev, Morgan Stanley Professor of Economics and the Rector of the New Economic School in Moscow.

"Over the span of barely two decades Andrei Vavilov's career path has taken him from academia, to top-level government service in Russia's executive and legislative branches, to success in industry and finance on a global scale. His new book combines the insider's unique insights into policymaking with the balanced and informed judgment of the professional economist and businessman, as it presents the real story of successes and failures in Russia's attempts to create the lifeline of a vibrant market economy a robust and modern financial system." - Clifford G. Gaddy, Senior Fellow, the Brookings Institution, US.