Aftermath of the Financial Crisis in Russia
STRUCTURAL AND REGIONAL IMPACTS OF FINANCIAL CRISIS, S. Poloucek, D. Stavarek, eds., Karvina: Silesian, 2009
8 Pages Posted: 24 Dec 2009
Date Written: December 21, 2009
The Russian economy has a raw orientation. This fact affects features of financial crisis in Russia. While central banks worldwide decreased refinancing rates, the Bank of Russia, in contrast, increased it. In Russia budgetary expenses increase, despite of set of internal problems. In Russia we have both the highest inflation and the deepest economic slump. An increase in retail prices and the some time declined wholesale prices. The "rich" Russian regions have appeared among most suffered from crisis. At the same time the "poor" regions "have not noticed" the crisis, as their budgets exist due to grants from the federal budget, and their own revenue are little.
Keywords: financial crisis, Russia, oil, financial markets
JEL Classification: G01, P33
Suggested Citation: Suggested Citation