almost commonlythought to be the main causes of the crisis, had just built up to some extent constant crisisprobability and did not contribute to the episode of the sharp devaluation in a way visiblydifferent from the behaviour in tranquil non-crisis months.The attribution of the Russian crisis case to one of the existing theoretical models seems tobe questionable. The only sure thing is that it could not be explained solely in the framework of the traditional first generation models – the elements of the 3