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A Crise Financeira Russa

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Author Info

  • Bruno José Marques Pinto

    (Graduate School of Economics at Fundacao Getulio Vargas EPGE/FGV)

  • Thais Machado de Matos Vilela

    (Graduate School of Economics at Fundacao Getulio Vargas EPGE/FGV)

  • Ursula Silveira Monteiro de Lima

    (Graduate School of Economics at Fundacao Getulio Vargas EPGE/FGV)

Abstract

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.

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File URL: http://128.118.178.162/eps/mac/papers/0504/0504020.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0504020.

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Length: 15 pages
Date of creation: 13 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0504020

Note: Type of Document - pdf; pages: 15
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Web page: http://128.118.178.162

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

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