The Beginning of Sovereignty and the End of the Rouble Zone

  • Yelena Kalyuzhnova
Part of the University of Reading European and International Studies book series (UREIS)


The political leadership crisis in the spring of 1991 exerted a negative influence upon the process of economic transformation in the USSR. The government of the USSR did not properly manage any of the programmes of reform. The coup attempt in August collapsed the fundamental structure of the Soviet Union and resulted in its dissolution. Having considered the historical conditions from which new countries emerged, we now turn our attention to the collapse of the Soviet Union, which created new ‘Independent’ States. The Kazakstani Parliament had announced the independence of Kazakstan on 16 December 1991, and Nursultan Nazarbayev was elected the President of Kazakstan.


Interest Rate Monetary Policy Money Supply National Currency Economic Security 
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Copyright information

© Yelena Kalyuzhnova 1998

Authors and Affiliations

  • Yelena Kalyuzhnova
    • 1
    • 2
  1. 1.Graduate School of European and International StudiesUK
  2. 2.Department of EconomicsUniversity of ReadingUK

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