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Crise Financeira Russa


  • Bruno José Marques Pinto

    (Undergraduate School of Economics, Getulio Vargas Foundation Brazil)

  • Thais Machado de Matos Vilela

    (Undergraduate School of Economics, Getulio Vargas Foundation Brazil)

  • Ursula Silveira Monteiro de Lima

    (Undergraduate School of Economics, Getulio Vargas Foundation Brazil)


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.

Suggested Citation

  • Bruno José Marques Pinto & Thais Machado de Matos Vilela & Ursula Silveira Monteiro de Lima, 2005. "Crise Financeira Russa," International Finance 0504003, EconWPA.
  • Handle: RePEc:wpa:wuwpif:0504003
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    References listed on IDEAS

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    More about this item


    Russia; Financial Crisis; Crise Cambial;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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