Factors of Cyclical Vulnerability of Russian Economy

Sergey Smirnov

Voprosy Ekonomiki, 2010, issue 6

Abstract: The paper studies the depth of GDPs fall in 25 worlds largest countries during the crisis of 2008-2009. It shows that the Russian economy was one of the most vulnerable to the crisis shock. The paper demonstrates that severe Russian instability is not due to "oil dependency" or high openness to world trade or capital flows. Cyclical weakness of the Russian economy is mainly rooted in low quality of its institutions, pre-crisis overheating (which was especially prominent in consumer demand) as well as the obsolete approach to inventories management.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2010:id:1035

DOI: 10.32609/0042-8736-2010-6-44-68

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