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The Economic Crisis in Russia: Fragility and Robustness of Globalisation

Satoshi Mizobata ()
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Satoshi Mizobata: Institute of Economic Research, Kyoto University

No 688, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: It is now clear that the global economic crisis has hit the Russian economy. The resulting shock clearly shows not only the global economic imbalance but also the distinct characteristics of emerging Russian markets. The Russian economy already changed its structure under the high economic growth of the early to mid-2000s, and has since then become too sensitive to the global market and the oil price. However, the Russian markets involve the strong hand of the government, and the anti-crisis policy gives this hand constancy. The crisis process and the anti-crisis measures characterize the Russian market institutions. The current paper investigates the characteristics of the Russian markets under both the economic growth period and the crisis period, and offers perspective on the market transition.

Keywords: economic crisis; oil dollar; foreign capital; government; marketisation; transition; debts (search for similar items in EconPapers)
JEL-codes: P50 P16 F02 F34 O52 (search for similar items in EconPapers)
Pages: 33pages
Date: 2009-12
New Economics Papers: this item is included in nep-cis, nep-ene, nep-fdg and nep-tra
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