title: Three crises in the Russian economy and one chain of events
metadata.name: dc.contributor.author
metadata.value: Lyakin, Alexandr N.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2018-04-04T16:11:25Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2018-04-04T16:11:25Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2018-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Lyakin А. N. Three crises in the Russian economy and one chain of events. St Petersburg University Journal of Economic Studies, 2018, vol. 34, issue 1, pp. 4–25.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: 10.21638/11701/spbu05.2018.101
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/9313
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: In the post-Soviet period, the Russian economy has faced three market-type crises (1998, 2008–2009, 2014–2016). Even though impulses moving the economy out of equilibrium were external, mechanisms for the diffusion of these impulses from the financial system into real sector were specific to Russia. This paper explores consistent relations of events that brought about these economic crashes. All three cyclical crises in the Russian economy followed the same chain of events. Recession began with a decline in oil prices, which then provoked a deep and sharp ruble devaluation, the scale of which was determined by speculation by commercial banks. To stabilize the ruble exchange rate, the Central Bank increased interest rates and squeezed the liquidity of the banking sector. This raised the cost of credits, such that companies of real sector had to borrow less, transforming the financial shock transformed into an economic crisis. This paper reveals the scheme of links and chains of events that transformed external shocks into full-fledged recessions, and all processes in Russia’s economy during these three cyclical crises of post-Soviet development followed the same scheme.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The article was prepared with the financial support of the Russian Foundation for Basic Research (RFBR), project No. 8-010-00145.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 34; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: business cycle
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: recession
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: devaluation
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: dynamics of interest rates
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Three crises in the Russian economy and one chain of events
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 01-Lyakin.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/9313/1/01-Lyakin.pdf
resources.format: Adobe PDF
resources.size: 999,76 kB