Financial crisis in Russia and in the world (press-release)

Authors: Arkhipov S. – OJSC Bank VTB – part 4; Drobyshevskiy S. – IET – introduction, part 2 (in collaboration with Moiseev A. and Yudaeva K.); Mau V. – Academy of National Economy - part 6; Moiseev A. – investment group Renessance Capital – part 2 ( in collaboration with Drobyshevskiy S. and Yudaeva K.); Orlov A. – University of Redford (USA) – part 3; Starodubrovskiy V. – IET – part 5; Khudko E. – IET – appendix; Entov R. – Academician of the RAS – part 1; Yudaeva K. – OJSC Sberbank of Russia – part 2 (in collaboration with Drobyshevskiy S. and Moiseev A.).

The Russian economy which seemed to approach the autumn 2008 in excellent condition was soon emerged in the crisis which first attacked the financial sphere and then spread to the real sector as well. The connection between the events in Russia and the crisis phenomena in the world became obvious for everybody. In 2009 the uncertainty concerning the future condition of the real and financial sectors of the RF economy, the dynamics of the Russian currency is only growing.
What was the reason for such large-scale crisis phenomena? To which extent the crisis in Russia results from the globalization of the world economy and to which extent it is explained by internal reasons? What are these reasons? How long will this crisis last? What can be done to overcome the crisis in the world and in Russia? Is there a special way out of the crisis just for Russia, which is different from the world trends?
The book is an attempt to answer these questions to the extent that is possible in the situation of current dramatic changes taking place in the world economy and undermining the existing explanatory models.
The book reveals the logic of the development of the critical phenomena, formulates the hypotheses concerning the factors and the causes of the world crisis, nature of the Russian financial crisis, the connection between the events in Russia and in the world as well as estimates the efficiency of measures undertaken by the governments of different countries.