The Chairman of the Government of the Russian Federation , also informally known as the prime minister , is the head of government of Russia and the second highest ranking political office in Russia. Although the post dates back to 1905, its current form was established on 12 December 1993 following the introduction of a new constitution .
134-590: Mikhail Mikhailovich Kasyanov (Russian: Михаи́л Миха́йлович Касья́нов , IPA: [mʲɪxɐˈil mʲɪˈxajləvʲɪtɕ kɐˈsʲjanəf] ; born 8 December 1957) is a Russian politician who served as Prime Minister of Russia from 2000 to 2004. Previously, he had served as First Deputy Prime Minister in 2000 and Minister of Finance from 1999 to 2000. During the 1990s, he worked in President Boris Yeltsin 's administration in different positions before joining President Vladimir Putin 's first administration. He has
268-469: A public servant were his government salary, and he has only been involved in private business ventures for "one year" since leaving the post of prime minister. The same article also supported Khinshtein's claim about Sosnovka-1 . In 2006, Kasyanov declared that he desired to establish a new political party and run for president in 2008 . Kasyanov left the opposition group The Other Russia in July 2007 due to
402-525: A ripple effect through the financial system and the economy (as well as any connected economies) as a whole. The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies . Malaysian Prime Minister Mahathir Mohamad accused George Soros and other currency traders of ruining Malaysia's economy with currency speculation . Soros claims to have been
536-479: A buyer of the ringgit during its fall, having sold it short in 1997. At the 30th ASEAN Ministerial Meeting held in Subang Jaya , Malaysia , the foreign ministers issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard. Coincidentally, on that same day, the central bankers of most of
670-565: A further decline in South Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motor Company took over Kia Motors. Samsung Motors ' $ 5 billion venture
804-493: A general loss of demand and confidence throughout the region. Although most of the governments of Asia had seemingly sound fiscal policies , the International Monetary Fund (IMF) stepped in to initiate a $ 40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. However, the efforts to stem a global economic crisis did little to stabilize
938-665: A good negotiator: he was called "the principal financial diplomat of the country". In February 1999 he was appointed First Deputy Minister and in May 1999 President Yeltsin appointed Kasyanov Minister of Finance of the Russian Federation. In June 1999, Minister Kasyanov became a member of the Security Council of Russia . Kasyanov was occupied with the problem of budget deficit and external debt. His time as Finance Minister saw Russia's first non-deficit budget. In July Russia received
1072-504: A greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from
1206-425: A high rate of return . As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and World Bank , and
1340-511: A highly leveraged economic climate, and pushed up asset prices to an unsustainable level, particularly those in non-productive sectors of the economy such as real-estate. These asset prices eventually began to collapse, causing individuals and companies to default on debt obligations. The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money,
1474-407: A large number of Indonesian corporations had been borrowing in U.S. dollars. This practice had worked well for these corporations during the preceding years, as the rupiah had strengthened respective to the dollar; their effective levels of debt and financing costs had decreased as the local currency's value rose. In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened
SECTION 10
#17328907016171608-462: A largely uncontrolled manner to certain people only – not necessarily the best suited or most efficient, but those closest to the centers of power. Weak corporate governance also led to inefficient investment and declining profitability. Until 1999, Asia attracted almost half of the total capital inflow into developing countries . The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for
1742-467: A loyalist to the position of prime minister. For example, this occurred in 1998 when the state Duma (which had most of the opposition to the president of the party) twice refused to appoint Prime Minister Viktor Chernomyrdin, and Boris Yeltsin appointed Prime Minister Yevgeny Primakov , who supported the left opposition. In the mid-1990s in Russia there was a term "technical prime minister". This term refers to
1876-752: A music school and played the cello. In high school he played in a rock group. In 1974 Kasyanov entered the Moscow Automobile and Road Construction University. In 1976–1978, he served in the Soviet Army in the guard of honour at the Office of the Commandant of Moscow , which is today the Kremlin Regiment of the Federal Protective Service . From 1978–1981, he became a technician and then an engineer at
2010-472: A new Chairman of the Government within two weeks of the resignation of a previous government or inauguration ceremony of president . The State Duma is to discuss the matter within two weeks of the nomination and make a decision. The procedure of granting consent by the parliament is usually preceded by several days of comprehensive consultations and interviews of the candidate by the parliamentary factions. Should
2144-453: A number of structural reforms – tax and budget reform, liberalization of capital control and external trade, customs reform, reorganization of national infrastructure, pension reform, creation of land market and others. Successful implementation of systemic transformation measures led Russia to a trajectory of sustainable economic growth. Inflation was reduced significantly, the economy and people's income grew by one third while oil prices were at
2278-473: A result of the crisis. Following the 1997 Asian financial crisis, income in the northeast, the poorest part of the country, rose by 46 percent from 1998 to 2006. Nationwide poverty fell from 21.3 to 11.3 percent. Thailand's Gini coefficient , a measure of income inequality , fell from .525 in 2000 to .499 in 2004 (it had risen from 1996 to 2000) versus 1997 Asian financial crisis. By 2001, Thailand's economy had recovered. The increasing tax revenues allowed
2412-542: A result of the crisis. In May 1997, the Bangko Sentral ng Pilipinas , the country's central bank, raised interest rates by 1.75 percentage points and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso , raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at
2546-473: A series of bailouts ("rescue packages") for the most-affected economies to enable them to avoid default , tying the packages to currency, banking and financial system reforms. Due to IMF's involvement in the financial crisis, the term IMF Crisis became a way to refer to the Asian Financial Crisis in countries that were affected. The IMF's support was conditional on a series of economic reforms,
2680-548: A sniper rifle. This was seen as a threat against Kasyanov. On 10 February, Kasyanov was attacked in a Moscow restaurant by a dozen men who yelled death threats at him. He opposed the Russian invasion of Ukraine . In May 2022, Kasyanov participated in the 8th "Russia Forum" in Vilnius , together with Khodorkovsky , the Russian oil oligarch and former head of Russian oil and gas giant Yukos ,
2814-494: A temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency.... From the then IMF managing director Michel Camdessus : To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations. From 1985 to 1996, Thailand's economy grew at an average of over 9% per year,
SECTION 20
#17328907016172948-472: A two percent commission in exchange for ignoring bribes and illegal business ventures whilst he was working at the Ministry of Finance between 1993 and 1999 were made in the state-controlled Russian media which branded him as "Misha 2 percent" . In an article by Peter J. Stavrakis entitled "Russia's evolution as a predatory state" (part of a compilation entitled "Russia's uncertain economic future" , written for
3082-482: Is in the Latvian capital of Riga . In November 2023, Russia's Justice Ministry said he was added to the list of " foreign agents ". Prime Minister of Russia Due to the central role of the president of Russia in the political system, the activities of the executive branch (including the prime minister) are significantly influenced by the head of state (for example, it is the president who appoints and dismisses
3216-574: Is not provisioned by Constitution and it is not separate office. The Chapter 6 of the Constitution of Russia says, that "The Government of the Russian Federation consists of the Chairman of the Government of the Russian Federation, Deputy Chairman of the Government of the Russian Federation and federal ministries". The prime minister can leave his post at his own request or if it is impossible for him to exercise his powers. The Federal constitutional law "On
3350-415: Is not required in that moment. The Federal constitutional law "On the Government of the Russian Federation" does not limit the term of "temporary absence" of the prime minister and the term of work of the acting prime minister. There can be more than one First Deputy Prime Minister of Russia , therefore written distribution of responsibilities is the most important document. The office of First Vice-Premier
3484-503: Is totally destroyed by the abolishment of direct elections for the governors." PDU had regional branches in 75 regions of Russia. In June 2007 Kasyanov was nominated by the PDU as a candidate for the presidential elections. In September 2007 the new political party People for Democracy and Justice ( Народ за демократию и справедливость ) was established on the basis of the PDU, and Kasyanov was elected its chairman. Allegations that Kasyanov took
3618-763: The Council of People's Commissars , which was chaired from 1917 to 1924 by Vladimir Lenin . That body was renamed Council of Ministers following a decree of the Supreme Council on 23 March 1946. After the fall of the Soviet Union, Boris Yeltsin , as the President of the Russian Federation , was automatically appointed as the Head of Government of the Russian Federation in the first two years of his mandate. The latter body took
3752-771: The February Revolution and the inception of the Russian Provisional Government on 2 (15) March 1917, Georgy Lvov from the Constitutional Democratic Party and Alexander Kerensky from the Socialist Revolutionary Party became joint Minister-Chairmen. The provisional Russian Republic was eventually replaced by the Russian Soviet Federative Socialist Republic (RSFSR) and the governmental body by
3886-518: The Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to " junk bond ". Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by
4020-604: The Latin American debt crisis . The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession , the traditional Keynesian response was to increase government spending, prop up major companies, and lower interest rates. The reasoning was that by stimulating the economy and staving off recession , governments could restore confidence while preventing economic loss . They pointed out that
4154-630: The October Revolution , was replaced by Chairman of the Council of People's Commissars of the Russian SFSR . During the reign of Vladimir Lenin , the Chairman of the Council of People's Commissars was the de facto leader of the RSFSR (from 1922 to 1991). In 1946, the post of head of government was renamed Chairman of the Council of Ministers . People who held those positions are sometimes referred to as
Mikhail Kasyanov - Misplaced Pages Continue
4288-556: The Paris Club and the London Club of creditors for a comprehensive restructuring of Soviet debts for a period of 25 years with a 7-year grace period. Thanks to this agreement Russia was able to gain access to international capital markets. In 1996 Kasyanov gave the road show of Russia's economy development prospects at various International finance centers. As a result, Russia, for the first time since 1913 issued securities, eurobonds on
4422-611: The Politburo of the Communist Party of the Soviet Union , in 2003 at a reduced price. The Prosecutor General's Office used the published materials as a reason to initiate a criminal case on 1 July 2005 against the general director of FSUE VPK Invest Ramil Gaisin under Article 165 Part 3 of the Criminal Code of the Russian Federation ("causing property damage on an especially large scale by deception or abuse of trust"). The publication of
4556-537: The Saint Petersburg Dissenters' March . At a presentation in International Institute for Strategic Studies 26 June 2006, Kasyanov criticized Putin's administration. He said: "Separation of powers has been effectively demolished and replaced by the so-called ‘ Vertical of Power ' which is based on the false idea that all the meaningful social and political processes must be kept under control by
4690-562: The State Council and the Committee of Ministers, as well as high-ranking officers appointed by the Emperor. The first session ended on 11 (23) December 1882, after the number of files to the Council greatly decreased. The Committee of Ministers functioned simultaneously with the second session of the Council of Ministers for six more months; Count Sergei Witte participated on both entities until
4824-554: The United States Congressional Joint Economic Committee ), the allegations were unsurprisingly described as credible. In July 2005, State Duma deputy from the United Russia faction Alexander Khinshtein made accusations against Mikhail Kasyanov; according to Khinshtein, Kasyanov, when he was prime minister, privatized Sosnovka-1 , the former state dacha of Mikhail Suslov , a former member of
4958-428: The exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and intervened in the exchange market, buying up any excess domestic currency at
5092-455: The fixed exchange rate with foreign reserves . Neither of these policy responses could be sustained for long, as several countries had insufficient levels of foreign exchange reserves. Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that
5226-472: The " structural adjustment package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency , penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in
5360-432: The "General Agreement to Borrow" and the "Emergency Finance Mechanism". The scope and the severity of the collapses led to an urgent need for outside intervention. Since the countries melting down were among the richest in their region, and in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international. The International Monetary Fund created
5494-472: The 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s. Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of credit that became available generated
Mikhail Kasyanov - Misplaced Pages Continue
5628-491: The 1990s, hot money flew into the Southeast Asia region through financial hubs , especially Hong Kong. The investors were often ignorant of the actual fundamentals or risk profiles of the respective economies, and once the crisis gripped the region, the political uncertainty regarding the future of Hong Kong as an Asian financial centre led some investors to withdraw from Asia altogether. This shrink in investments only worsened
5762-510: The Duma, call for new elections and appoint a candidate for prime minister without its consent. Should the State Duma reject candidates nominated by the president for three times consecutively, the president shall dissolve it and call a new election, while the prime minister shall be appointed by the president without participation of the Duma. The State Duma may not be dissolved on these grounds during
5896-403: The Emperor on the affairs of his department). The Chairman of the Council of Ministers officially became a fully-fledged head of government. Nicholas appointed Graf Sergei Witte as his first "prime minister". From 1905 the prime minister received extensive powers, with the opportunity to pursue his own policies and reforms. Pyotr Stolypin (in office: 1906–1911) gained a reputation as one of
6030-529: The Emperor thought necessary. In Soviet times, the term of the prime minister was also unlimited. The Chairman Council of Ministers of the Russian SFSR served in the position until he was dismissed by the General Secretary of the Communist Party of the Soviet Union . A term limit was introduced after the creation of the post of the president of Russia . Government became subordinate to the president, so
6164-447: The Government of the Russian Federation" says that the dismissal of the prime minister entails the resignation of the entire government. If the prime minister resigns, the president has the right to delegate his duties to one of his Vice-premiers. This situation cannot continue for more than two months – this period is reserved for the head of state to select a candidate for a new prime minister and submit it to The state Duma. Very often,
6298-549: The IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations... Why not operate with lower interest rates and
6432-604: The Philippines dropped to virtually zero. Only Singapore proved relatively insulated from the shock, but nevertheless suffered serious hits in passing, mainly due to its status as a major financial hub and its geographical proximity to Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the crisis, economies in East and Southeast Asia worked together toward financial stability and better financial supervision. The causes of
6566-488: The Russian Supreme Soviet refused to approve him as prime minister. On 14 December 1992, the prime minister appointed was Viktor Chernomyrdin . The Russian political system is similar to the modern French system. For the appointment of the prime minister the president needs a majority in the state Duma. If the party president does not have the majority and fails to form a coalition, the president may need to appoint
6700-425: The State Duma decide to give the president its approval, the president may immediately sign the respective appointment decree. Should the State Duma refuse to give its approval, the president will have to nominate another (or the same) candidate within one week of the rejection of the previous candidate. However, in the event that the Duma rejects the president's appointment to prime minister three times, he may dissolve
6834-591: The State Duma once a year. After the election of Boris Yeltsin , President of Russia , the head of the government was Yeltsin himself. He headed the Russian SFSR Government (16 May 1992, the Government of the Russian Federation) for about six months. In fact, Yeltsin was the first Head of Government of Russia after the dissolution of the Soviet Union ; however, he was not the prime minister. After Yeltsin, Yegor Gaidar became acting prime minister, but
SECTION 50
#17328907016176968-464: The U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis. Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down
7102-587: The USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis. Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in
7236-467: The United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At
7370-525: The abolition of the committee on 23 April (5 May) 1906. Following that event, the duties of the committee were left to the Council of Ministers, until the formation of the Small Council in 1909, which also included deputy ministers. By the order of Emperor Nicholas II , the second session of the Council of Ministers began on 19 October (1 November) 1905, following the formation of the State Duma . Shortly after
7504-507: The acting prime minister later proposed the State Duma as the new prime minister. In case of the president's death, resignation or impeachment , the prime minister becomes a temporary president until new presidential elections which must take place within three months. The prime minister as acting president may not dissolve the State Duma, announce a referendum or propose amendments to the Constitution. The Russian Constitution does not explicitly specify who should become acting president if
7638-570: The affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the "New Arrangement to Borrow" operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto , Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under
7772-442: The cabinet nor the Duma are dismissed). However, within one year after parliamentary elections the dissolution of the State Duma is impossible on these grounds. That is why in this case the president does not have any other option but to dismiss the government (even if he totally supports it). Initially, the term of office of the prime minister was not formally established. The head of the government served in his post for as long as
7906-413: The capital markets of Europe and the United States, and Russian banks and companies were able to take cheap foreign capital for investments into the economy of the country. In 1998, the global financial crisis started and the Russian government defaulted on its debts, ruble was dramatically devaluated. Kasyanov was the head of the working team for restructuring Russian government external debts and of
8040-401: The chain objectives of tightened money supply , discouraged currency speculation , stabilized exchange rate, curbed currency depreciation, and ultimately contained inflation . In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows: From then IMF First Deputy managing director, Stanley Fischer in 1998: When their governments "approached
8174-516: The coalition People's Freedom Party "For Russia without Lawlessness and Corruption" and became one of the leaders of the People's Freedom Party . He was an active speaker during the 2011–2013 Russian protests for fair elections. Since 2015, he has served as the leader of the political party People's Freedom Party (PARNAS). From 2005 to 2007, he was one of the leaders of the opposition coalition The Other Russia and democratic protest movement. Kasyanov
SECTION 60
#17328907016178308-501: The committee. Eight years after the inauguration of the manifest, the first de jure office holder was Count Nikolay Rumyantsev . The Council of Ministers was unofficially formed in October 1857, as a result of Emperor Alexander II's reforms; its first session began on 19 (31) December 1857. Before the actual formation of that body on 12 (24) November 1861, the Emperor himself was in charge. The Council of Ministers consisted of chairman of
8442-422: The country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. The Thai baht continued to appreciate to 29 Baht to the U.S. dollar in October 2010. In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $ 900 million, huge foreign exchange reserves of more than $ 20 billion, and a good banking sector. However,
8576-611: The country, many factors arising from all aspects, including sports broadcasting on Indonesian television, including: Additionally, the Indonesian motorcycle Grand Prix , which was held at Sentul , was dropped from the 1998 Superbike and MotoGP calendars. World Rally Championship also dropped the Rally Indonesia from their 1998 calendar . The banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there
8710-853: The countryside and 600,000 foreign workers being sent back to their home countries. The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the U.S. dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed. On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $ 17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August 1997, another bailout package of $ 2.9 billion. Poverty and inequality increased while employment, wages and social welfare all declined as
8844-412: The crisis spread, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt . Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea,
8978-477: The debacle are many and disputed. Thailand's economy developed into an economic bubble fueled by hot money . More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called " crony capitalism ". The short-term capital flow was expensive and often highly conditioned for quick profit . Development money went in
9112-539: The decision to the Supreme Court, which rejected the appeal on 6 February 2008. Kasyanov claimed that the decision to prevent his candidacy was taken by Putin himself, who he claimed was afraid that, in a fair election, Dmitry Medvedev might lose. Kasyanov described the elections as a farce and called for a boycott. The presentation of Kasyanov's book Without Putin in the Ukrainian capital Kyiv on 18 December 2009
9246-682: The domestic situation in Indonesia. After 30 years in power, Indonesian President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah . The effects of the crisis lingered through 1998, where many important stocks fell in Wall Street as a result of a dip in the values of the currencies of Russia and Latin American countries that weakened those countries' "demand for U.S. exports." In 1998, growth in
9380-675: The economic environment. The devaluation of the Chinese renminbi and the Japanese yen , subsequent to the latter's strengthening due to the Plaza Accord of 1985, the raising of U.S. interest rates which led to a strong U.S. dollar, and the sharp decline in semiconductor prices, all adversely affected their growth. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation . This made
9514-492: The election. That day Russian Popular Democratic Union Party nominated Kasyanov as their presidential candidate. On 16 January 2008, he announced that he had finished collecting the 2 million signatures necessary to run as a candidate. Later that month, however, the Central Election Commission rejected his candidacy on the grounds that 13.36% of the signatures were invalid. and he was disqualified. Kasyanov appealed
9648-494: The federal constitutional law "On the Government of the Russian Federation" the prime minister exercises the following duties: The prime minister is ex officio a member of: Initially, the prime minister was appointed by the Emperor of Russia , without the consent of the candidate to the State Duma . In Soviet times, the prime minister of the Russian SFSR was appointed by the Supreme Council after each election. Currently
9782-450: The federal state civilian service rank of 1st class Active State Councillor of the Russian Federation . Since leaving the government over disagreements on economic policy in 2004, he has become one of the leading critics of President Putin and an opposition leader . In 2008, Kasyanov was a candidate in the election of President of Russia but in the middle of the campaign was denied participation on political grounds. In 2010, he co-founded
9916-496: The financial conditions in Asia (subsequently leading to the depreciation of the Thai baht on 2 July 1997). Several case studies on the topic of the application of network analysis of a financial system help to explain the interconnectivity of financial markets , as well as the significance of the robustness of hubs (or main nodes). Any negative externalities in the hubs creates
10050-562: The first post-crisis loan from the IMF. The government of Sergei Stepashin worked for three months; however, Kasyanov retained his post in the new government of Vladimir Putin . He continued the negotiations with international creditors on a global restructuring of the USSR's debts. The war in Chechnya provoked the suspension of the negotiations with the London club of creditors. Nevertheless, Kasyanov
10184-526: The first year after parliamentary elections, the last six months of the incumbent president's term, as well as in time of emergency, or war and in the event that the State Duma has initiated the impeachment of the incumbent president. The prime minister may be dismissed by the president at any time at the president's discretion. The prime minister may also tender his resignation to the president on his own initiative. The president may reject such resignation and oblige him to continue his work. The prime minister and
10318-533: The former then chairman of the State Council . Since 1812, as chairman of the committee has evolved into an independent position, which until 1865 necessarily coincide with the presidency of the Council of State. Traditionally, the chairmanship of the committee was last in the public service honorary position appointed by the dignitaries that have become too old to execution of the duties of the minister. A number of committee chairmen (especially duke Alexander Chernyshyov , count Alexey F. Orlov , count Dmitry Bludov )
10452-497: The future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced. There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In addition, financial systems were to become "transparent", that is, provide
10586-558: The government, followed up by non-partisans and acting office holders. On 8 May 2008, Vladimir Putin took the office for a second term, now as a member of United Russia . Current Prime Minister Mikhail Mishustin took the office on 16 January 2020. The youngest head of government by his accession to office was Count Karl-Fridrikh Golshteyn-Gottorpsky , at age 26, and the oldest Count Pyotr Andreyevich Tolstoy , at age 81. List below includes Prime Ministers since 1991 1997 Asian financial crisis The 1997 Asian financial crisis
10720-476: The government. Conflict between the State Duma and the government became particularly evident during the first Premiership of Ivan Goremykin in 1906. The position of Chairman of the Council of Ministers of the Russian Empire lasted 12 years; during this time seven people took this post (one twice). The position lapsed after the February Revolution of March 1917, following the abdication of Nicholas II from
10854-551: The group's failure to agree on a single presidential candidate. Kasyanov established the Russian Popular Democratic Union party. However, the Federal Registration Service blocked the party from participating in the 2007 legislative election . It was not known whether Kasyanov would continue his candidacy after Garry Kasparov entered the race, but on 8 December 2007 he reaffirmed he would run in
10988-533: The head of the US-think tank Freedom House , the head of the US-government funded broadcaster Radio Free Europe and others. The aim of the "anti-Putin summit" was to develop a strategy on how to "de-Putinise" Russia and "slay the Russian bear", meaning Vladimir Putin . In June 2022, Kasyanov told Agence France-Presse that he had temporarily left Russia, without providing additional details and as of June 2023, he
11122-404: The highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%. The baht was pegged at 25 to the U.S. dollar. On 14 and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht. However, Thailand lacked the foreign reserves to support
11256-467: The international financial community. Later that year, in July, South Korea's third-largest car maker, Kia Motors , asked for emergency loans. The domino effect of collapsing large South Korean companies drove the interest rates up and international investors away. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to
11390-492: The kind of financial information used in the West to make financial decisions. As countries fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were similar to that of
11524-441: The level of $ 20–25 per barrel. Experts think that the tax reform of 2000-2002 was one of the most successful reforms of Kasyanov's Cabinet. A flat income tax rate (13%) was introduced. All turnover taxes were eliminated. VAT was reduced to 18% and social taxes — to 26%. These measures together with the policy of strong fiscal discipline significantly increased budget revenue. In addition to this in 2003 Kasyanov's Cabinet reformed
11658-476: The materials and the message from the Prosecutor General's Office about the initiation of a criminal case coincided with Kasyanov's stay on vacation abroad: I returned to Moscow despite the threats made against me. I have no doubt that the systematically launched slanderous campaign to discredit me, based on lies and distortion of facts, is part of the general strategy of the authorities to completely cleanse
11792-443: The path of "fast-track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract portfolio investment and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk. The conventional high-interest-rate economic strategy is normally employed by monetary authorities to attain
11926-496: The performance of the former composition of the government. It was dictated by my desire to once again delineate my position on the issue of what development course the country will take after March 14, 2004." On the first anniversary of his dismissal (24 February 2005) Kasyanov gave a press conference at which he said that he might run for president in the 2008 elections. His bid was supported by Leonid Nevzlin , Boris Berezovsky and Garry Kasparov . In April 2006, Mikhail Kasyanov
12060-419: The political field. The results of the implementation of such a strategy are obvious - growing social alienation and uncertainty among citizens about their future, a slowdown in economic growth against the backdrop of record export prices, and a steady decline in Russia's international authority. Creating conditions for a real, non-sham political process involving public discussion of different points of view about
12194-430: The pressure of the State Duma. For that to happen, the State Duma has to pass a censure motion against the government twice within three months. Normally, in this case the president has the right to choose whether to sack the government or to dissolve the Duma (and if the Duma passes the censure motion just once, the president may also choose "not to agree" with the decision of the Duma, which technically means that neither
12328-494: The previous name "Council of Ministers", the chairman of which became Viktor Chernomyrdin , replacing acting chairman Yegor Gaidar . According to the new constitution ratified on 25 December 1993, those two entities were separated. Since then, the head of that office takes the formal title "Chairmen of the Government" or colloquially "Prime Minister" (the only actual prime minister was Valentin Pavlov ). Chernomyrdin resumed chairing
12462-404: The prime minister and other members of the government; the president may chair the meetings of the cabinet and give obligatory orders to the prime minister and other members of the government; the president may also revoke any act of the government). The use of the term prime minister is strictly informal and is never used in the constitution. Mikhail Mishustin is the current prime minister. He
12596-477: The prime minister is appointed by the president of Russia , subject to the consent of the State Duma (before 1993 the Supreme Soviet ). Unlike most other "prime ministers", who are also elected members of the legislative body or parliament, the Chairman of the Government of Russia can be any Russian citizen, as long as they do not also hold citizenship of another country. Under law, the president shall nominate
12730-481: The prime minister is not appointed or is unable to perform his or her duties. Some believe that in the case of incapacity of the president and prime minister, the chairman of the Federation Council should become acting head of state. However, nowhere in the legislation is this fixed. Approximately 99 people have been head of the Russian government since its establishment in 1726. The chairman of government
12864-427: The prime minister must resign along with the president, but may be appointed again. From 1991 to 1996, the maximum term of office of the prime minister was 5 years. After the new Constitution of Russia was created, the term of office of the president, and therefore the term of office of the prime minister, was shortened to 4 years. In 2012, after amendments to the Constitution the term of the president and prime minister
12998-455: The prime minister, who is not an independent political figure, is only the nominal head of government, and in fact the activities of the government are headed by the president. In general, the prime minister serves more of an administrative role, nominating members of the Cabinet and taking the lead in fully implementing domestic and foreign policy as formulated by the president. In accordance with
13132-486: The prime ministers. They may have also been referred to as premier of ministers, or simply premier . Currently, the formal title of the prime minister is "Chairman of the Government of the Russian Federation ". In modern Russia, the prime minister is appointed by the president , with the consent of the State Duma . The prime minister is responsible to the president and regularly reports to him, however, he only reports to
13266-467: The private banks of the country. At the same time he negotiated with Russian creditors for restructuring domestic debts. Kasyanov negotiated with the International Monetary Fund which granted favorable perspectives for reaching profitable agreements for Russia. As a result of this, the ruble rate was stabilised, which in its own turn helped reduce the inflation and restored production and services parts of Russian economy. These successes proved Kasyanov to be
13400-537: The program, 787 insolvent financial institutions were closed or merged by June 2003. The number of financial institutions in which foreign investors invested has increased rapidly. Examples include New Bridge Capital's takeover of Korea First Bank. The South Korean won , meanwhile, weakened to more than 1,700 per U.S. dollar from around 800, but later managed to recover. However, like the chaebol, South Korea's government did not escape unscathed. Its national debt -to-GDP ratio more than doubled (approximately 13% to 30%) as
13534-415: The rate was almost exactly 8,000 to 1 U.S. dollar. Indonesia lost 13.5% of its GDP that year. In February 1998, President Suharto sacked the incumbent Bank Indonesia governor, J. Soedradjad Djiwandono , but this proved insufficient. Amidst widespread rioting in May 1998 , Suharto resigned under public pressure and Vice President B. J. Habibie replaced him. As a result of the financial crisis that hit
13668-608: The ratios rose from 13% to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise. South Korea , Indonesia and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Japan , Singapore , Taiwan , and Vietnam were less affected, although all suffered from
13802-405: The role of asymmetric information in the financial markets that led to a " herd mentality " among investors that magnified a small risk in the real economy. The crisis has thus attracted attention from behavioral economists interested in market psychology . Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July 1997 . During
13936-408: The role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs pointed to strict monetary and contractionary fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to
14070-546: The rupiah currency trading band from 8% to 12%. As a result, the rupiah suddenly came under severe attack in August. Therefore, on the 14th of the month, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further due to the shift. The IMF came forward with a rescue package of $ 23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and
14204-458: The rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar. The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998,
14338-448: The same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation. China had begun to compete effectively with other Asian exporters particularly in
14472-639: The scientific institute of the State Committee for Construction of USSR. At the time he was still studying at the Moscow Automobile and Road Construction University. He finished in 1981. For nine years after graduation Kasyanov worked at the State Planning Committee (GosPlan) as an engineer, economist, leading specialist and chief of sector. In 1987 he was awarded the diploma of the Highest Economy Courses at GosPlan. In 1990–1993, Kasyanov
14606-535: The situation in the country and freedom to choose between them is a task that I will continue to work on. On 11 July 2005, the Russian Office of Public Prosecutor started investigating the privatization of two houses formerly owned by the government. According to the court verdict of 16 March 2007, Kasyanov was to return a house and pay 108,135,000 rubles in damages to the government for using the property illegally (approx. USD 4,150,000 or €3,130,000). In 2007, Kasyanov
14740-402: The state. The government and parliament cannot function any longer without daily instructions. The judiciary is increasingly servile. Independent TV does not exist any more at the federal level and is being quickly uprooted in the regions. Moreover, the state-owned companies and the state itself increase their grip over the electronic and printed media. Responsibility of the regional level of power
14874-567: The strongest prime ministers - during his premiership he made several major (though controversial) reforms. Though the Russian Constitution of 1906 established the State Duma (a representative house of parliament), the Government was not responsible to it. Although Sergei Witte and Pyotr Stolypin (at the beginning of his Premiership) each tried to form a coalition government of the largest political organizations, they did not succeed. The State Duma nevertheless tried to gain influence over
15008-443: The successful implementation of the small business encouragement policy. Introduction of simplified taxation system , easy state registration of businesses and ban on frequent inspections by state agencies were among those measures. It was during Mikhail Kasyanov's time as Russian Prime Minister that the transfer of agricultural lands to private property began. Additionally to that credit support mechanism for agricultural production
15142-460: The taxation of petroleum sector and established a special Stabilization fund . As a result, the budget revenue stream from this sector has increased and the Stabilization Fund has started accumulating significant amounts of foreign exchange, creating a financial airbag for the country. It was a time of an overall financial liberalization . An important achievement of Kasyanov's Cabinet was
15276-586: The throne on 15 March [ O.S. 2 March] 1917 and the formation that same day of the Provisional Government . During the Russian Provisional Government , the prime minister de facto headed the Russian state and was officially called the “Minister-Chairman of the Russian Provisional Government". This position was held by only two people, Georgy Lvov and Alexander Kerensky . The position lasted about six months, and after
15410-466: The tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float . The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis. Other economists, including Joseph Stiglitz and Jeffrey Sachs , have downplayed
15544-415: The whole government are constitutionally obliged to resign after the inauguration of a newly elected president. At the same time, the president has the right to dismiss both the entire government together with the prime minister, and only prime minister, retaining the government. Under certain circumstances, the president may also theoretically be forced to dismiss the chairman and the whole government under
15678-574: Was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The chaebol , South Korean conglomerates, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers. Amongst other stimuli, the crisis resulted in the bankruptcy of major Korean companies, provoking not only corporations, but also government officials towards corruption. The Hanbo scandal of early 1997 exposed South Korea's economic weaknesses and corruption problems to
15812-523: Was a member of the Supreme Privy Council , which was created on 8 (19) February 1726 by Empress Catherine , and from 8 (20) September 1802 ministerial duties were allocated by the Committee of Ministers , which was established on in accordance with the proclamation of Emperor Alexander II . Beginning with Count Aleksandr Romanovich Vorontsov , the eldest of the officers was de facto chairman of
15946-470: Was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion . However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. Originating in Thailand, where it
16080-414: Was able to resolve the principal problems of Russian debts in a span of several months. This fact facilitated the transition towards economic growth in Russia. As a result of non-deficit budget and prudent financial policy in general the multi-month delays in salary payments and pensions were overcome. On 10 January 2000 Kasyanov was appointed the first Vice Premier of the Russian government . The situation
16214-634: Was acquired by the Amelia company, and in 2004, it was resold to Mikhail Kasyanov. In 2006, the Moscow Arbitration Court recognized Kasyanov as a bona fide purchaser and refused to return the property to the state. However, the Federal Agency for State Property Management filed new claims, and in 2007, by a court decision, the dacha was returned to state ownership. A Der Spiegel article from 2007 notes that Kasyanov insists that his only earnings as
16348-414: Was appointed on 16 January 2020 after Dmitry Medvedev and the rest of the government resigned the previous day . Until 1905, the head of government was the emperor . In the absence of the emperor, the ministers one by one, starting with the oldest in the rank, each acted as head of government for four sessions. In 1810, the chairmanship was granted to the state chancellor, Count Nikolay Rumyantsev ,
16482-543: Was born on 8 December 1957 in the settlement of Solntsevo near Moscow. His father was a teacher of mathematics and the headmaster of a local school. Joining the Red Army , his father participated in some major actions of the Second World War and fought until the victory in 1945. Kasyanov's mother was an economist, a head of a department of a governmental construction company (Glavmosstroy). In his childhood Mikhail studied at
16616-566: Was cancelled merely minutes before its planned opening. Kasyanov's press secretary claimed that the electricity went out in the Premier Palace Hotel on Taras Shevchenko Boulevard [ uk ] minutes before the presentation was to start and that some 20 young men had blocked the entrance to the hotel to keep attendees from entering. In February 2016, Kasyanov's image was posted online by Chechen leader Ramzan Kadyrov on his social media account, with Kasyanov being in cross hairs of
16750-522: Was characterized by contemporaries as "barely alive", "miserable". Count Modest Korf jokingly wrote about count Chernyshov: "Look, just live!" Duke Pavel Gagarin died in office at the age of 83 years. The modern post of prime minister appeared in 1905. A decree of Emperor Nicholas II on 19 October 1905 established the Council of Ministers of the Russian Empire , bringing together the Ministers in one Cabinet (previously each Minister had reported directly to
16884-501: Was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors (GM). The International Monetary Fund (IMF) provided US$ 58.4 billion as a bailout package. In return, Korea was required to take restructuring measures. The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent. In addition, the Korean government started financial sector reform program. Under
17018-682: Was elected Chairman of the People's Democratic Union (PDU), a newly launched NGO. PDU was one of the co-founders of the first "The Other Russia" conference in July 2006 and of "The Other Russia" coalition that was set up at the conference. Kasyanov and the PDU were actively involved in the coalition's work and took part in the Dissenters' Marches in Moscow and St. Petersburg – the first protest manifestations in many years. On 3 March 2007, Kasparov and Kasyanov spoke against Putin's government to thousands of supporters at
17152-421: Was increased to 6 years. The Federal constitutional law "On the Government of the Russian Federation" says "in the case of temporary absence of the Chairman of the Government of the Russian Federation, his duties are performed by one of the deputy chairmen of the Government of the Russian Federation in accordance with a written distribution of responsibilities". It's automatically and President's Executive Order
17286-532: Was introduced and Russia very rapidly again became one of the leading exporters of grain after decades of huge annual import of wheat . Kasyanov was dismissed, along with the entire Russian cabinet, by President Vladimir Putin on 24 February 2004 after more than three years in office, two weeks before the 2004 Russian presidential election on 14 March. There were disagreements between Kasyanov and Putin on matters of policy. The President stated on national television "This decision bears no relation to any assessment of
17420-402: Was known as part of the " Asian economic miracle ". In the mid-1990s, Thailand , Indonesia and South Korea had large private current account deficits, and the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, a series of external shocks began to change
17554-482: Was known as the Tom Yum Kung crisis ( Thai : วิกฤตต้มยำกุ้ง ) on 2 July, it followed the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar . Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt . As
17688-584: Was still planning to appeal. Khinshtein's assumptions were not confirmed. The Sosnovka-1 facility was acquired by Kasyanov legally after he left government service. In 1996, the Evikhon company leased the facility for 49 years from the State Property Committee , then Sosnovka-1 was transferred to the management of the VPK-Invest company, which in 2003 received the right to sell dachas. First, Sosnovka-1
17822-624: Was such that effectively Kasyanov was in charge of the government, serving as its chairman, as Putin was the Acting President at the time. He was still the head of the Ministry of Finance. On 17 May 2000, Russian State Duma approved Mikhail Kasyanov's Prime Minister candidacy. The Chairman of the Cabinet started pursuing the policy of active collaboration with business community and civil society. During its four-year term Kasyanov's Cabinet launched
17956-527: Was working in the State Committee of Economy of the Russian Federation and then in the Ministry of Economy . In 1993 the Minister of Finance Boris Fyodorov invited Kasyanov to join the Ministry. He was appointed the head of Foreign Loans and External Debt Department. In 1995 Kasyanov became the deputy Minister of Finance. In 1994–1996, Kasyanov was occupied with the restructuring of Soviet externals debts (about $ 150 bn). In 1996 Kasyanov reached an agreement with
#616383