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Actions and Reactions of Russian Manufacturing Companies to the Crisis Shocks from 2008–2009: Evidence from the Empirical Survey

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  • Ksenia Gonchar

Abstract

This essay explores the nature of the 2008 crisis and the channels through which it affected the performance of firms in Russia. Based on the findings of a manufacturing industry survey, the evidence suggests that all manufacturing firms were affected by the crisis and that there is no single and dominant transmission channel. Crisis reactions were significantly related to participation in international markets, although participation in trade, in external borrowing or FDI cannot explain recession by themselves. The reversal of growth was mainly caused by demand shock and, following that, by financial constraints. Thus the hypothesis that blames overheating of internal demand in the years prior to the crisis seems to receive statistical backing. Globalised companies, though hit by external shocks, were better prepared to pay the cost and balance the consequences of the crisis.

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  • Ksenia Gonchar, 2013. "Actions and Reactions of Russian Manufacturing Companies to the Crisis Shocks from 2008–2009: Evidence from the Empirical Survey," Europe-Asia Studies, Taylor & Francis Journals, vol. 65(3), pages 508-527.
    • Handle: RePEc:taf:ceasxx:v:65:y:2013:i:3:p:508-527
    DOI: 10.1080/09668136.2013.779454
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    1. Didier, Tatiana & Hevia, Constantino & Schmukler, Sergio L., 2011. "How resilient and countercyclical were emerging economies to the global financial crisis ?," Policy Research Working Paper Series 5637, The World Bank.
    2. Sandra M. Leitner & Robert Stehrer, 2012. "Access to Finance and Composition of Funding during the Crisis: A firm-level analysis for Latin American countries," wiiw Working Papers 78, The Vienna Institute for International Economic Studies, wiiw.
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    Cited by:

    1. Andrea Szalavetz, 2016. "Post‐crisis developments in global value chains - example of foreign investors’ Hungarian subsidiaries," IWE Working Papers 219, Institute for World Economics - Centre for Economic and Regional Studies.

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