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Russian Economy: Before and After the Crisis of 1998 - Dissertation Example

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This paper reveals an analysis of the causes and effects of the financial crisis that rocked the Russian economy and the efforts of the country in bringing back the economy to normalcy…
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Russian Economy: Before and After the Crisis of 1998
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Download file to see previous pages 2.7.1 General Trend in the Development of the Economy in the Post-Crisis Period 19
2.8 Economic Development and Investments 20
2.9 Inertia of the Economic System 21
2.10 Factors that influenced Economic Growth 23
Chapter 3 Research Methodology 26
3.1 Research Philosophy 26
3.1.1 Ontological position: objective 26
3.1.2 Epistemological Position: Positivist 27
3.2 Research Method 29
3.2.1 Qualitative Method 29
3.2.2 Quantitative Method 29
3.3 Research Aim 30
Chapter 4 Findings and Analysis 31
4.1 Findings 31
4.2 Analysis 35
Chapter 5 Conclusion 39
References 43
Chapter 1 Introduction
The Russian Federation experienced a sudden explosion of the barter and money surrogates during the period between the years 1995 and 1998. There was no other transition economy in the world that had experienced this phenomenon except Russia and this had given rise to a number of research studies on the economy. Despite the practices of barter and other transactions of non-cash nature that the country had inherited from its past USSR regime, the country should be said to have made a good progress in the economic front in the first year of its transition. The efforts of the country during the initial period of transition were directed towards the strengthening of the economic activity by unification around rouble being the single monetary unit and a consistent exchange rate. The higher and unsteady rates of inflation necessitated the continuance of the barter activities in the highly volatile economy. Tax evasion was another principal reason why the people were persistent about barter. However the fact remains that the economic progress during the period 1995 - 1997 remained sluggish only far from expectations and did not result in any spurt in...
From the dissertation, it is clear that the effect of such a decline in the domestic stock market prices was accompanied by a sharp decline in the prices of stocks in other emerging countries possibly by the withdrawal of the investors from the other markets with a view to cover their losses incurred in the Russian market.
Another reason for such decline may be the expectations of the investors of a global recessionary trend in the world stock markets.
The immediate task in the aftermath of the financial crisis was the task for the policy makers to draw up programs for redefining the boundaries of an efficient market economy. This involves a thorough revamping of the institutional systems in operation.
In conclusion, before the corrections in the institutional frameworks could be attempted it was necessary for the policy makers to study and understand the factors and situations that led to the crisis of 1998 so that they do not repeat themselves. But it appears that this aspect had been totally missed by Russia with the entire concentration and focus directed towards the short-term measures. “At present, the mainstream diagnosis seems to be that the short-termism of the Russian programme was part of a necessary gamble which did not pay off: Russian stabilization has failed, on this view, because the time gained was not used to implement necessary reforms, especially in the fiscal field. In particular, dismay has been expressed at the failure of the Duma in July to implement a full set of emergency measures, which would have included a shift towards individual income taxation.”

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