11. Russia's Financial Crisis: Economic Setbacks and Policy Responses
- Author:
- Padma Desai
- Publication Date:
- 06-2010
- Content Type:
- Journal Article
- Journal:
- Journal of International Affairs
- Institution:
- School of International and Public Affairs, Columbia University
- Abstract:
- The financial turmoil originating from the U.S. subprime mortgage crisis hit Russia by early September 2008, prompting the Russian government and the Central Bank of Russia to undertake a set of speedy and concerted measures to soften the impact of the crisis. These initial measures supported the value of the ruble as ruble holders, domestic and foreign, switched to dollars. They also provided hard currency to major Russian banks and Russian big business (the so-called oligarchs) which had borrowed heavily from foreign banks for their expanding operations from 2000 to 2007.
- Topic:
- Government and Financial Crisis
- Political Geography:
- Russia and United States