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Author : Stephan Boven
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (634 download)
Download or read book Liquidity Crisis in the Russian Money Markets written by Stephan Boven and published by . This book was released on 1995 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Natalie Zonis
Publisher : GRIN Verlag
ISBN 13 : 3640803507
Total Pages : 24 pages
Book Rating : 4.6/5 (48 download)
Download or read book The Financial Crisis in Russia 1998 written by Natalie Zonis and published by GRIN Verlag. This book was released on 2011-01-18 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Applied Sciences Berlin (International Management), language: English, abstract: Once again Russia’s positive economic development outlook has been thrown into question by the global financial crisis. The country has faced a whole lot of economic problems in the past months. Russians have withdrawn 290 billion Dollars from the country’s banks in fear of a financial collapse. At first sight on the past two years’ events on Russia’s financial market one may have had an impression of a „déjà-vu”: Since August 2008: the Rouble has dropped about one third against the Euro over 30 percent and against the Dollar even more than 40 percent.2 The incoming foreign investment of 28 billion Dollars which broke all records right in the year before has now shrunk up to a few billion. The country’s two stock markets, the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX), have fallen 78 percent and 67 percent respectively since their highs in May 2008.3 It appears as some cynical 10th anniversary of 17th of August 1998: when the Russian Government announced the gradual devaluation of the Rouble, the default on domestic and foreign debts, and declared a moratorium on payment by Russian commercial banks to foreign creditors. So the Rouble has dropped to the Dollar more than 300percent in the following months and was six times lower only a year after. At the outset this paper sets the currency crisis into the framework of the macroeconomic theory and provides a historical overview by putting the 1998 crisis into its timeframe and showing the impacts on the Russian economy. Furthermore the following questions are discussed: Why did the Rouble collapse? Was this a home-made crisis or was it caused by exogenous factors such as the foregone turmoil on Asia’s financial markets? Finally it shows what the conditions under which an economy can become vulnerable to a currency crisis are, what are and the right and the wrong options to resolve it and the lessons learned.
Author : Svetlana Shirobakina
Publisher : GRIN Verlag
ISBN 13 : 3638521877
Total Pages : 31 pages
Book Rating : 4.6/5 (385 download)
Download or read book The analysis of the stock exchange market in Russia written by Svetlana Shirobakina and published by GRIN Verlag. This book was released on 2006-07-18 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Business economics - Investment and Finance, grade: 1,3, Anhalt University of Applied Sciences Köthen, course: International Banking ans Finance, language: English, abstract: The stock exchange market is one of the key mechanisms for attracting monetary ressources for investment, economy modernisation and stimulation of the production growth in a country. At the same time the world stock exchange markets can be a source of financial instability and even of macroeconomic and social shocks. Esspecialy volatible to economic shocks are the stock exchanges of transitional economies, such as Russia, which was characterised as a one of the most risky countries in early 90 ies. The transition of Russia from a plan to a market economy has caused increasing interest to stock exchanges as an important component of the stock market. Russian economists came to conclusion that stock exchange market is the nervous terminations of economy and of all spheres of the life of society. These nervous terminations react to the depth of the processes occuring in an organism, much earlier, than the organism itself. Therefore the stock exchange market is the lead indicator of what will occur in economy. But imperfection of the Russian legislation, absence of culture of corporate management, lacks in system of disclosing information and legal base demanding completion are the basic features of the exchange stock market in Russia. The purpose of my assigment, therefore, is to analyse the current competitive position of Russia on the world stock market, to reveal problems of modern Russian stock exchanges and to find out the reasons of their occurrence. The efficiency of the stock exchange in Russia will be assessed according to the models applied in the financial literature. In order to reach this target first we have to look at the theoretical aspects of the core essence and main functions of stock exchanges.
Author : Joseph R. Bisignano
Publisher : Springer Science & Business Media
ISBN 13 : 0792378652
Total Pages : 474 pages
Book Rating : 4.7/5 (923 download)
Download or read book Global Financial Crises written by Joseph R. Bisignano and published by Springer Science & Business Media. This book was released on 2000-05-31 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the 1990s, major banking and currency crises occurred in many countries around the world. This book contains papers and comments from a conference held to identify and discuss the lessons to be learned from these crises, such as their causes and how to prevent their reoccurrence.
Author : Enrico C. Perotti
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128717
Total Pages : 44 pages
Book Rating : 4.1/5 (287 download)
Download or read book Lessons from the Russian Meltdown written by Enrico C. Perotti and published by Centre for Economic Policy Research. This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 17 August 1998 Russia abandoned its exchange rate regime, defaulted on its domestic public debt and declared a moratorium on banks' foreign liabilities. This was equivalent to an outright default. The depth and speed of the Russian meltdown shocked the international markets and precipitated a period of serious financial instability. There are important lessons to be learned from this episode on issues of bank supervision and international stability. Enrico Perotti locates the underlying cause of the crisis in the structure of individual incentives in a context of capture of state decisions by special interests. The author concludes with a radical policy proposal for a stable banking system for Russia, based on a segmented, narrow banking sector, concentration on commercial banking and a cautious extension of deposit insurance.
Author : Nicola Melloni
Publisher : Columbia University Press
ISBN 13 : 3838254074
Total Pages : 157 pages
Book Rating : 4.8/5 (382 download)
Download or read book Market Without Economy written by Nicola Melloni and published by Columbia University Press. This book was released on 2007-01-15 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1998 financial crisis in Russia was one of the most dramatic economic breakdowns and symbolized the failure of the transition process as it had been conducted since the end of the Soviet Union. There is no general agreement on the nature of the rouble collapse; a number of contradictory interpretations have been discussed among economists. This book argues that the Russian 1998 financial turmoil is best predicted by Krugman's and Sargent-Wallace's models. The currency collapse had its origins in the peculiar way in which the transition was managed. In particular, the Russian government became entrapped in the double constraint of a tight monetary policy imposed by the IMF on the one side, and a loose fiscal policy to support the private sector on the other. Those policies were inconsistent, and led to inflationary processes that were postponed through emission of a large amount of Treasury Bonds to finance the fiscal deficit. At the same time, a tight monetary policy retarded the recovery of the industrial sector. While the particular timing of the crisis was co-determined by other factors, such as the Asian financial crisis and the fall of the oil price, it was this incoherent monetary and financial policies mix that constituted the main cause of the rouble's spectacular collapse in August 1998. The book provides extensive coverage of a decade of Russian reforms. It critically analyzes neo-liberal ideology and the course of the transition process supported by the Washington Consensus.
Author : William H. Cooper
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.F/5 ( download)
Download or read book The Russian Financial Crisis written by William H. Cooper and published by . This book was released on 1998 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Taro Niggemann
Publisher : GRIN Verlag
ISBN 13 : 3640486447
Total Pages : 22 pages
Book Rating : 4.6/5 (44 download)
Download or read book The Failure of LTCM and the Russian Crisis written by Taro Niggemann and published by GRIN Verlag. This book was released on 2009-12-04 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2009 in the subject Business economics - Miscellaneous, grade: A, University of Frankfurt (Main) (House of Finance), course: PhD Seminar "Financial Crises in Historical Perspective", language: English, abstract: The story of the hedge fund Long-Term Capital Management (LTCM) is the story of Icarus, a high-flyer who became one of the most spectacular failures financial markets have ever seen. The Russian Crisis is often referred to as the cause of LTCM’s financial downfall. However, the Russian Crisis was merely a trigger and indirect factor for LTCM’s collapse. The rise to liquidity across global fixed income markets arising from the Crisis paired with LTCM’s excessive leverage, illiquid investment positions and management mistakes shortly before and during the Crisis, caused its breakdown which was finally only halted by a bail-out organized by the US Federal Reserve Bank. This paper analyzes the contributing factors and interrelations between the two events and concludes with some implications for financial market participants and policy-makers from the two cases and empirical research on financial crises.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
ISBN 13 : 364257257X
Total Pages : 508 pages
Book Rating : 4.6/5 (425 download)
Download or read book Restructuring, Stabilizing and Modernizing the New Russia written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.
Author : Martin G. Gilman
Publisher : MIT Press
ISBN 13 : 0262014653
Total Pages : 355 pages
Book Rating : 4.2/5 (62 download)
Download or read book No Precedent, No Plan written by Martin G. Gilman and published by MIT Press. This book was released on 2010 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Review: "In 1998, President Boris Yeltsin's government defaulted on its domestic debt and Russia experienced a financial meltdown that brought it to the brink of disaster. In No Precedent, No plan, Martin Gilman offers an insider's view of Russia's financial crisis. As the International Monetary Fund's senior person in Moscow, Gilman was in the eye of the storm. Russia's policy response to the economic collapse stemming from the disintegration of the Soviet Union was chaotic. Fiscal deficits loomed in anticipation of future budget revenue that never seemed to materialize--despite repeated promises to the IMF. The rapid buildup of sovereign debt would have challenged even a competent government. In the new Russia, with its barely functioning government and no consensus on the path toward democratic and economic transformation, domestic politics trumped economic common sense." "Gilman argues that the debt default, although avoidable, actually spurred Russia to integrate its economy with the rest of the world. In analyzing the ordeal of the 1998 crisis, Gilman suggests that the IMF helped Russia avoid an even greater catastrophe. He details the IMF's involvement and underscores the unique challenge that Russia presented to the IMF. There really was no precedent, even if economist Joseph Stiglitz and others argued otherwise. In recounting Russia's emergence from the IMF's tutelage, Gilman explains how the shell-shocked Russian public turned to Vladimir Putin in search of stability after the trauma of 1998. And although Russia's own prospects are favorable, Gilman expresses concern that the 1998 Russian default could serve as an unfortunate precedent for sovereign defaults in the future with the IMF once again playing a similar role." "No Precedent, No Plan offers a definitive account--the first from an insider's perspective--of Russia's painful transition to a market economy."--BOOK JACKET
Author : Evgeny Gavrilenkov
Publisher : Springer Science & Business Media
ISBN 13 : 3540247297
Total Pages : 298 pages
Book Rating : 4.5/5 (42 download)
Download or read book Economic Opening Up and Growth in Russia written by Evgeny Gavrilenkov and published by Springer Science & Business Media. This book was released on 2013-03-19 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a decade of sharp economic decline, Russia switched to an impressive period of economic growth. Yet the economic record is still mixed, and many key problems remain unresolved, both in the economic sphere and the political system. The focus is on economic dynamics in Russia, reasons for its hesitant opening up process as well as the special role of the natural resources sector which is expected to continue to grow. This analysis highlights the existing deficiencies of the Russian economic system and raises doubts about the sustainability of growth. Twin focus is on required reforms and endogenous forces that impair liberalizing trade and investment in an orderly way. Russian discussions on WTO and other international topics are reflected.
Author : Evsey Gurvich
Publisher :
ISBN 13 : 9783659840364
Total Pages : 56 pages
Book Rating : 4.8/5 (43 download)
Download or read book The Impact of Financial Sanctions on the Russian Economy written by Evsey Gurvich and published by . This book was released on 2016-08-13 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1463904207
Total Pages : 77 pages
Book Rating : 4.4/5 (639 download)
Download or read book Russian Federation written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-09-27 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even though the Russian authorities have maintained financial stability at the time of a major global shock, the financial system is still weak. The crisis has set back progress toward a strong, competitive banking system for the future. The recent unification of the supervision of nonbank financial institutions is an opportunity for strengthened oversight. A more structured corrective action regime and a unified administration regime for all banks, with broad powers for the administrator, would help strengthen the system further.
Author : David M. Andrews
Publisher : Cornell University Press
ISBN 13 : 9780801444562
Total Pages : 236 pages
Book Rating : 4.4/5 (445 download)
Download or read book International Monetary Power written by David M. Andrews and published by Cornell University Press. This book was released on 2006 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough overview of how money is used as a tool to achieve international political aims.
Author : A. Vavilov
Publisher : Springer
ISBN 13 : 0230282083
Total Pages : 281 pages
Book Rating : 4.2/5 (32 download)
Download or read book The Russian Public Debt and Financial Meltdowns written by A. Vavilov and published by Springer. This book was released on 2010-07-07 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines history of Russian finances in the period of Russia's transition from communism to capitalism in the 1990s and in the current decade. It focuses on obstacles to market reforms and macroeconomic policy choices that resulted in the state debt expansion and the financial crisis of 1998.
Author : Alexander E. Abramov
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (13 download)
Download or read book Russian Money Markets and Financial Institutions in 2014 written by Alexander E. Abramov and published by . This book was released on 2015 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the market for ruble-denominated bonds. The author provides analysis of financial market risks and looks at the development of Russia's domestic savings system.
Author : Yinqiu Lu
Publisher : International Monetary Fund
ISBN 13 : 1475577583
Total Pages : 37 pages
Book Rating : 4.4/5 (755 download)
Download or read book Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market written by Yinqiu Lu and published by International Monetary Fund. This book was released on 2017-02-10 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.
