The Russian Crises of 1998 and 2008 Models: Find 10 Differences

Abstract

The article considers macroeconomic reasons of the current crisis phenomena in Russia. Its genesis is presented in comparison with the crisis of 1998. On the basis of worsening macroeconomic conditions in Russia the author comes to the conclusion that in 2008 the global financial crisis became only the catalyst of the Russian crisis whereas its roots lay in deep disproportions in the recent economic development of the country. The way out of the situation can be found in the search of a new point of macroeconomic equilibrium with inevitably decreasing level of output.