In 1999, the euro was launched on the basis of treaties structured around the new economic orthodoxy that replaced Keynesianism. The Great Recession, the Euro Crisis and now the Pandemic Crisis, all of them deflationary demand crises which are incompatible with such an orthodoxy, have had a...

In this contribution, we aim at describing the problem of debt and currency crisis by means of system dynamics modeling. We use the historical evidence from the Russian default in 1998 as an example. First, we apply the system dynamics approach to quantitatively assess the Russian economic...