Although liquidity crises are short-term emergencies and macroeconomic stability is a medium-term goal, locked credit markets soon have wider economic effects.

ECONOMIST: Central banks have played a starring role

With commercial banks gradually pulling their interbank and short-term credit lines from Soviet institutions and completely cutting off medium-term lending, the Kremlin's authorities are tempted, if not compelled, to take on higher pay-off banking transactions internationally.

CENTERFORSECURITYPOLICY: Center For Security Policy