On a second wave of financial crisis in Russia

Abel Aganbegyan
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Abel Aganbegyan: Governmential Academy of National Economy

Ekonomicheskaya Politika / Economic Policy, 2009, vol. 4, 29-36

Abstract: The first wave of the global crisis, which came to Russia in September-November 2008, the crisis began with the stock market and the liquidity crisis of the banking system. The stock market in this period has fallen rapidly rolled down the capitalization of Russian companies, there was a massive failure of timely payment overly bred corporate bonds have difficulties with liquidity, many banks, especially in the large. Some banks, such as Globex, Svyaz-Bank, Sovinbank - quite significant in the banking system - simply proved to be bankrupt. Banks, of course, reduced lending, tightened the conditions for granting the funds raised interest rates. All this is immediately slowed down economic development.

Keywords: Russia; crisis; economy; second wave; finances (search for similar items in EconPapers)
Date: 2009
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