The Nature of Crisis Phenomena in the Russian Economy

Abstract

The article analyzes the origin, nature, and development of crisis phenomena in the Russian economy.

Keywords::

• Russian currency crisis
• national currency
• Russian ruble
• inflation

Notes

English translation © 2016 Taylor & Francis Group, LLC, from the Russian text, “O prirode krizisnykh protsessov v rossiiskoi ekonomike.” Published with the author's permission. Mikhail Sherstnev is an associate professor at the Samara State University of Economics, Institute for Theoretical and International Economics Samara, Russia. Translated by Brad Damaré.

^1. See, for example, J. Tirole, Financial Crises, Liquidity and the International Monetary System (Princeton, NJ: Princeton University Press, 2002).

^2. In this article we leave out the controversial issue of the limits of import substitution in a globalizing world economy, which requires a separate discussion. Senior representatives of major Russian oil companies are already beginning to complain that the proposed import substitution policy is ineffective and could paralyze the investment process: of course, they want to work with the most up-to-date equipment, which currently and for the foreseeable future can only be purchased abroad.

^3. Order of the Government of the Russian Federation, January 27, 2015, no. 98-r.

^4. “O merakh Banka Rossii po podderzhaniiu ustoichivosti rossiiskogo finansovogo sektora,” Bank of Russia press release, December 17, 2014.

^5. Central Bank of Russia, “Obzor finansovoi stabil'nosti: IV kvartal 2014 g.–I kvartal 2015,” Moscow, 2015. [English translation taken from www.cbr.ru/eng/publ/Stability/fin-stab-2014-15_4-1_e.pdf].