Crise Financeira Russa

Bruno José Marques Pinto, Thais Machado de Matos Vilela and Ursula Silveira Monteiro de Lima
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Bruno José Marques Pinto: Undergraduate School of Economics, Getulio Vargas Foundation Brazil
Thais Machado de Matos Vilela: Undergraduate School of Economics, Getulio Vargas Foundation Brazil
Ursula Silveira Monteiro de Lima: Undergraduate School of Economics, Getulio Vargas Foundation Brazil

International Finance from EconWPA

Abstract: Fundamental sources of the Russian financial crisis in 1998 are discussed. Focus is made on the time horizon of judgements concerning sustainability of the economic policy. It is argued that the macroeconomic policy pursued by the monetary authorities was not robust in a medium run, but, in the absence of external shocks was far from the crisis area, and required moderate, feasible modifications to be viable in a medium run. After the sharp deterioration in the terms of trade the previously pursued policy was no more sustainable even in a short run. The implications of the crisis were aggravated by the overly optimistic expectations by the monetary authorities of the near-term recovery in the terms of trade.

Keywords: Russia; Financial Crisis; Crise Cambial (search for similar items in EconPapers)
JEL-codes: F3 F4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cis and nep-tra
Date: 2005-04-05
Note: Type of Document - pdf; pages: 16

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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpif:0504003

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