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A Crise Financeira Russa

Author

Listed:
  • 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.

Suggested Citation

  • Bruno José Marques Pinto & Thais Machado de Matos Vilela & Ursula Silveira Monteiro de Lima, 2005. "A Crise Financeira Russa," Macroeconomics 0504020, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0504020
    Note: Type of Document - pdf; pages: 15
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    More about this item

    Keywords

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

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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