Russia after the Global Economic Crisis examines this important country after the financial crisis of — The second book from The Russia Balance Sheet Project, a collaboration of two of the world's preeminent research institutions, the Peterson Institute for International Economics and the Center for Strategic and International Studies CSIS , not only assesses Russia's international and domestic policy challenges but also provides an all-encompassing review of this important country's foreign and domestic issues.
The authors consider foreign policy, Russia and it neighbors, climate change, Russia's role in the world, domestic politics, and corruption.
These excellent essays by major Russian and Western scholars on Russia's key political and economic developments are vital reading for anybody who wants to understand Russia's current dilemma. A delicate subject treated with genuine strategic sobriety— Russia after the Global Economic Crisis is deserving of serious reflection. The book is a great example of a partnership between Russian and American experts. It provides a comprehensive and an independent view on Russia's mid-term and long-term challenges. While the book's conclusions are often controversial, it is a must read for everybody interested in the future of Russia.
Russia after the Global Financial Crisis , a brilliant sequel to the highly acclaimed The Russia Balance Sheet , first cogently assesses Russia's current structural and policy shortcomings brought into sharp focus by the economic crisis and then astutely sets forth tough choices Russia must make to avoid future stagnation and alienation.
This is a major contribution for those who seek real modernization of Russia. The authors refute the notion of Russian exceptionalism, arguing soberly that Russia faces major challenges in economic, social, and foreign policy, which require careful study of the historical experiences of many countries.
The current 'reset' in relations between Russia and the West improves the chances for success, but Russia has to make the critical choices. The book is well written and uses very recent data, making it one of the best single sources of information about current economic conditions in Russia Highly recommended. All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed information on ordering.
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Thus, liquidity provision was presented as a means of strengthening the monetary policy transmission mechanism and of improving the functioning of the interbank market IMF IMF International Monetary Fund , Figure 10 illustrates this outcome. Houndmills, Basingstoke : Palgrave Macmillan , — Please verify that you are not a robot. G33 LC Catalog Record: Skip to main content. Hydrocarbon export revenues made it possible to maintain a large current account surplus, enabling the CBR to accumulate significant foreign exchange reserves.
The absorption of post-communist Europe into the West was not simply a matter of velvet revolutions. The loans came from the same European banks that helped fuel the U. Along with a security guarantee against Russia, the post-communist countries craved prosperity.
In , two pressure fronts of global capitalism were rushing toward each other across Eurasia. Of course, these trends need not have led to a clash. According to the mantra of globalization, at least, trade benefits all sides.
The EU insists on the innocence of its model of integration. The goal is peace, stability, and the rule of law, not geopolitical advantage, its senior representatives guilelessly maintain. But the war in Georgia split the Ukrainian political class three ways, between those who favored alignment with the West, those who favored Russia, and those who preferred a policy of balance.
These tensions were further exacerbated by the impact of the financial crisis. No part of the world economy was hit harder by that crisis than the former Soviet sphere.
When global lending imploded, the most fragile borrowers were cut off first. But after the humiliation of the financial crises of the late s, Putin had seen to it that Russia was armed with substantial dollar reserves — the third largest after China and Japan.
The same was not true of its former satellites. Their currencies plunged.
Russia After the Global Economic Crisis examines this important country after the financial crisis of – The second book from The Russia Balance Sheet. Russia after the Global Economic Crisis examines this important country after the financial crisis of – The second book from The Russia Balance Sheet.
Interest rates soared. Inflows of foreign capital stopped.
In fact, the impact of the crisis split Central and Eastern Europe. The political leadership of the Baltic states toughed it out, accepting savage austerity to continue on their path toward euro membership.
But no country in the region was strategically more important, more fragile politically, or worse hit economically than Ukraine. In a matter of weeks, Ukraine was dealt a devastating one-two punch by the war in Georgia and the financial crisis. This opened the door to the successful presidential candidacy of pro-Russian Viktor Yanukovych in , and set in train desperate financial negotiations with the IMF, the EU, and Russia, culminating in the crisis of Back in , the end of the Cold War seemed to suggest that market-driven economic growth was an irrepressible force that gave the edge to the U.
The events of August and September taught two painful and deeply disconcerting lessons.