The failure of Long-Term Capital Management, in 1998, is a well-known example where the markets were shaken by the Russian financial crisis, causing the price of corporate bonds and treasury bonds to get out of line for a period longer than expected by the LTCM's models.
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The first to use the term for a specific application was J. Barkley Rosser, Jr. in 1991, who suggested that it could be applied to explaining the process of systemic economic transition, with Poirot (2001) following up on this in regard to the Russian financial crisis of 1998.