Russian Financial Crisis (Crise Financeira Russa)

16 Pages Posted: 21 Apr 2005

See all articles by Bruno José Marques Pinto

Bruno José Marques Pinto

Undergraduate School of Economics - EPGE/FGV

Thais Vilela


Ursula De Lima


Date Written: November 2004


Fundamental sources of the Russian financial crisis in 1998 are discussed. Focus is made on the time horizon of judgements concerning sustainability of the economic policy. It is argued that the macroeconomic policy pursued by the monetary authorities was not robust in a medium run, but, in the absence of external shocks was far from the crisis area, and required moderate, feasible modifications to be viable in a medium run. After the sharp deterioration in the terms of trade the previously pursued policy was no more sustainable even in a short run. The implications of the crisis were aggravated by the overly optimistic expectations by the monetary authorities of the near-term recovery in the terms of trade.

Note: Downloadable document is in Portuguese.

Keywords: Crise Financeira, Crise Cambial, Russia, Russa, Financial Crisis, Currency Crisis

JEL Classification: F3, F4

Suggested Citation

Pinto, Bruno José Marques and Vilela, Thais and De Lima, Ursula, Russian Financial Crisis (Crise Financeira Russa) (November 2004). Available at SSRN: or

Bruno José Marques Pinto (Contact Author)

Undergraduate School of Economics - EPGE/FGV ( email )

Praia de Botafogo 190/1125, CEP
Rio de Janeiro RJ 22253-900
55-21-2559-9711 (Phone)


Thais Vilela

Independent ( email )

Ursula De Lima

Independent ( email )

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