Russia is heaven for bondholders and hell for stockpickers
Never mind the property rights, enjoy the fiscal discipline
A VISITOR TO Moscow inquiring about the outlook for Russia’s economy will often be met with answers that take a detour into the country’s past. Ask, for instance, why Russia runs such conservative budgetary and interest-rate policies and you may be told that the trauma of default in 1998 bred a strong desire for low debt and low inflation. Ask why property rights are weak and you may be taken further back, to the end of serfdom in 1861. Until then many Russians did not even own their own souls.
This article appeared in the Finance & economics section of the print edition under the headline “Russian orthodox”
Finance & economics June 29th 2019
- Russia is heaven for bondholders and hell for stockpickers
- An idea for a parallel currency resurfaces in Italy
- The Big Four may be blocked from doing Indian audits for years to come
- London’s reign as the world’s capital of capital is at risk
- The war on money-launderers’ vehicle of choice intensifies
- Another European fund manager runs into concerns over liquidity
- Displays dedicated to explaining economics offer marginal returns
- The global economy is on a knife-edge
From the June 29th 2019 edition
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