Robinson, N. (2007) 'So what changed The 1998 economic crisis in Russia and Russia’s economic and political development', Demokratizatsiya. (original) (raw)
Related papers
So what changed? The 1998 economic crisis in Russia and Russia’s economic and political development
Demokratizatsiya The Journal of Post-Soviet Democratization
At the time, the August 1998 financial crisis was described as a watershed in Russia's development. This article looks at the reasons the crisis had a minimal effect on Russia's economy and argues that the political effect of the crisis was more marked. The growth that has occurred in the Russian economy since 1998 may mean that a reoccurrence of crisis will not be as benign as the 1998 crisis turned out to be.
So What Changed? The 1998 Financial Crisis and Russia's Economic and Political Development
Demokratizatsiya: The Journal of Post-soviet Democratization, 2007
At the time, the August 1998 financial crisis was described as a watershed in Russia's development. This article looks at the reasons the crisis had a minimal effect on Russia's economy and argues that the political effect of the crisis was more marked. The growth that has occurred in the Russian economy since 1998 may mean that a reoccurrence of crisis will not be as benign as the 1998 crisis turned out to be.
Financial Crisis in Russia in 1998; reasons, consequences and recovery Content Introduction
In 1997, Russia’s economic growth was positive for the first time since the formation of the Russian Federation in 1991. Nevertheless, the country’s fixed exchange rate regime together with its fragile fiscal position appeared to be unsustainable when the international markets got affected by spillover effects of financial distress elsewhere in the world. In the course of 1998, the outbreak of a severe banking, currency and sovereign debt crisis could not be prevented. The economic crisis of 1998 in Russia was one of the most severe economic crises in the history of Russia. The main causes of the economic crisis were: a huge national debt of the country generated by the collapse of the Asian economies, the liquidity crisis, low global commodity prices that constitute the basis of Russia's exports and, above all, populist economic policy and the building of the pyramid of GSB (Government Short-Term Bonds).
The Russian economy and the current crisis
European View, 2009
The article describes the measures taken by government officials to aid Russia's economy in emerging from the depths of the financial crisis. The authors describe the complexity of this task by focussing on how objective policy-making is complicated by the personal interests of Russian political and business leaders. The political considerations involved in Russian recapitalisation schemes serves as the main political focus in the creation of a desirable recovery strategy. Elements crucial to the recovery of the Russian economy are discussed, including government efforts to support medium and small business, and the unique Russian strategy of dealing with system-forming enterprises.
2015
The crisis in Russia’s financial market, which started in mid-December 2014, has exposed the real scale of the economic problems that have been growing in Russia for several years. Over the course of the last year, Russia’s basic macroeconomic indicators deteriorated considerably, the confidence of its citizens in the state and in institutions in charge of economic stability declined, the government and business elites became increasingly dissatisfied with the policy direction adopted by the Kremlin, and fighting started over the shrinking resources. According to forecasts obtained from both governmental and expert communities, Russia will fall into recession in 2015. The present situation is the result of the simultaneous occurrence of three unfavourable trends: the fact that the Russian economy’s resource-based development model has reached the limits of its potential due to structural weaknesses, the dramatic decline in oil prices in the second half of 2014, and the impact of Wes...
Effects Of The Crisis And Russia’S Socio-Economic Development Outlooks
2013
The past year was transitional from the crisis period to a normal development. Russia’s GDP increased 4% in 2010. GDP and industrial production nearly recovered by the end of 2010, reaching 97-99% of the values recorded in September 2008, as estimated by Rosstat. These values show that as early as the beginning of 2011 Russia’s economy is more likely to eclipse its pre-crisis level. A few industries, however, are showing levels which are still far behind the values recorded prior to the crisis, namely machine building industry (20%), metallurgy (8%), construction industry (5%). Therefore, most industries may not be expected to recover completely until the second half of 2011 or early in 2012.