рефераты конспекты курсовые дипломные лекции шпоры

Реферат Курсовая Конспект

Economic crisis in Russia (1998)

Работа сделанна в 1998 году

Economic crisis in Russia (1998) - раздел Лингвистика, - 1998 год - Essay. Final Draft. By Anton Matiukhin. 24, NovEmber 1998. ...

ESSAY. FINAL DRAFT. By Anton Matiukhin. 24, NOVEMBER 1998. Международный Институт Экономики и Финансов, 1 курс, Высшая Школа Экономики.ICEF, gr. 2. It is obvious almost to everyone, that 16 of the land is now in deep economical and political crisis and the whole world is waiting to see how the country will emerge from it. Russia s chaos was caused by economic turmoil and political upheaval. Economic slump on the stock market, devaluation of the ruble, a default on foreign debt by banks and government are parts of a climax and the general instability of Russia is worsen by them. These things sometimes happen in the process of transforming a country from a command into a market economy.

Anatomy of a Financial Crisis.Russia Today www.russiatoday.com Fr. Aug. 21 1998. There was a sharp increase in the inflation level after it has been brought down to as little as 5.6 a year in July. The prices began to rise fast and a lot of people were thrown far beyond the poverty level.

The anatomy of the financial crisis consists of several causes. The first cause is the so-called Asian factor. There was economic turmoil in Thailand first and then it spread all over Asia South Korea, Hong Kong, Singapore and Malaysia in 1996- 1997. All these countries and more have seen their economies wrecked over the last couple of years.Now Russia has its currency heading for the basement and is basically defaulting on its national debt. Russian Financial Crisis. httpwww.islamic.org.uk Aug. 39 1998.It has scared foreign investors.

This cooled their enthusiasm for investment in riskier economies Russia today and they start taking their money out of its stocks and converting their rubles into dollars. It will take a lot of time for them to gain confidence in Russian emerging market again. Anatomy of a Financial Crisis.Russia Today www.russiatoday.com Fr. Aug. 1998. Although the Russian government was insisting it would not devalue the currency, it had to float the ruble three days later.

For propping it up the Central Bank drained its reserves- 1 billion a week for ruble s defense. This also increased the devaluation. Poor tax collections forced Russian authorities to raise funds to cover its expenses.It has been floating GKOs short-term treasury bonds which provided as high as 240 percent interest. Although the state attracted billions of dollars, it needed to borrow more to pay off the short-term bonds.

But without tax revenue, the government would not be able either to pay the international bills or maintain essential services. It cannot afford to pay state workers and without their wages, they cannot pump money back into the economy. Large fiscal deficit makes Russia highly unprotected from swings in market sentiment. Another thing, which sank the crisis, was a drop in world oil prices.Russia is the world s third-largest oil producing country and oil is the great hope of its economy, because unfortunately its production level is not good enough not to let Russian huge natural resources to be sold out. All these above-mentioned problems seem to be very complicated and, of course, there are no quick fixes available. But, from my point of view, the solution key word is not help but self- help. Currently institutions such as the world bank and the IMF have been formed to be the lenders of last resort to governments who themselves control the various central banks which are the lenders of last resort for people within their countries.

Global Capitalism.

The Economist. Sept. 1998. However, these institutions are no longer really in effective control. There are people at the top of this pyramid, those who are really making money from it, who are more concerned about their relative power and wealth than with the overall damage that is being caused by this current chain reaction of a collapse.A fundamental reform of the world financial system needs to happen to clear up this mess. Russian Financial Crisis. httpwww.islamic.org.uk Aug. 39 1998. The World Bank should not help the countries with emerging markets only with money and then make itself richer from loans, but it must be restructured into the knowledge bank. It must provide these countries with specialists, teaching how to act themselves in critical situations.

World Bank must also exchange its experience with them to prevent them from inventing the bicycle once more. It must teach these states how to help themselves. I do not know, whether it is possible, but it would be good if the IMF and the World Bank cancel all loans given to developing countries with emerging economies for the sake of the world s safety.

Otherwise their economies would be doomed to be destroyed because of the short-term debts, which these countries need to pay back. But on the other hand, if it have had cancelled, no organisation including the IMF would have been looking forward to further negotiations with such countries and provided them with credits.

But the worst thing is that the economic crisis entailed the political crisis. Because, as one of the most famous writers, philosophers and politicians of the Renaissance Niccolт Machiavelli said, the only way to reach prosperity of the country is to have a firm, determined and intelligent leader, who will be an avatar of the majoritys interests, and who will have a great estimation among the people.And the Russian president Boris Yeltsin has already lost all the consideration, and the things were getting worse and worse after the beginning of the crisis.

The recent ordered murder of the famous deputy and democrat Galina Starovoytova was a signal that lawlessness in Russia has reached its apogee. She was among those few people, who performed real action. As a peacemaker she went to many hot spots and tried to stop the bloodshed.But she was a real obstacle for people who did not want human rights and laws to be the most precious thing.

After this incident, all democratic parties have realised the necessity of joining their forces against their common enemies- communists and fascists. It may seem unbelievable, but at the end of XX-th century there is a serious threat of turning Russia into a nationalistic and fascist country, because the number of people especially young joining different nationalistic organisations.The opposition, which is always very active, would not hesitate a second if there would be a little chance to overtake the power.

I think that in the case with Russia, despite the IMF wants our authorities to provide it with their economic program first and then they will be able to give Russia credit, giving a loan now will prevent the country from a possible revolution. And this is the urgent measure to be taken.For a great amount of people the crisis was a proof of an insolvency of market economy, at least they think it was. This caused the act of protest on the 7-th of October.

Fortunately it has not such scale as it was expected to. But, in my opinion, it was not a failure of market economy itself but of a present inefficient and weak government. The important thing is that the politicians stop playing politics and dividing the power and entrust together to the serious and urgent measures that Russia needs.Although I do not like the new government and the Prime Minister very much, I hope they will be firm enough and well disciplined to continue working on restructuring country s economy.

Sources Anatomy of a Financial Crisis. Russia Today www.russiatoday.com Fr. Aug. 21 1998. Russian Financial Crisis. httpwww.islamic.org.uk Aug. 39 1998. Global Capitalism. The Economist. Sept. 12 1998.

– Конец работы –

Используемые теги: Economic, crisis, Russia0.065

Если Вам нужно дополнительный материал на эту тему, или Вы не нашли то, что искали, рекомендуем воспользоваться поиском по нашей базе работ: Economic crisis in Russia (1998)

Что будем делать с полученным материалом:

Если этот материал оказался полезным для Вас, Вы можете сохранить его на свою страничку в социальных сетях:

Еще рефераты, курсовые, дипломные работы на эту тему:

Demographic crisis in Russia
Compounding these challenges, the population is aging rapidly a trend that will accelerate over the next two decades and immigration continues to… Opponents of reform have exploited these trends for political purposes. They… Policymakers in the former Soviet Union had no interest in policy informed by research therefore, social and…

Россия и независимые государства (перевод из "Economic and Post-Soviet Economic Structure and Performance")
Говоря об этих начинаниях, важно знать и о действительности. Хотя новая эра наступила в январе 1992 года, очевидно, что отвержение старых порядков… Произошедший в результате распад, привел к неизбежному спаду производства… Рассматривая эту проблему с другой стороны, можно сказать, что всегда было трудно оценивать влияние советской системы…

Educational system in Russia and GB
If a pupil of secondary school wishes to go on inhigher education, he or she must stay at school for two more years. Primary andsecondary school… All applicants must take competitive exam. Higher educationinstitution, that… Protectors are in charge ofacademic and scientific work. An institute or a university has a number offaculties, each…

Education in Russia
It is not only a right but aduty, too. Every boy or girl must get secondary education. They go to school atthe age of six or seven and must stay… A collegegives general knowledge in academic subjects and a profound knowledge… They give their students an opportunity to study without leavingtheir jobs. Institutes and universities usually have…

Holidays in Russia
In every home there is a NewYear tree glittering with coloured lights and decorations. Children always wait for Father Frost to comeand give them a… This year we celebrated the 54th anniversary of this great event. A… All stood in silence for a minute. Radio and television broadcast popular warsongs all day long. A lot of guests…

Economic methods of protection environment
Environmental quality standards set legally binding limits on pollution or adverse effects, which should not be exceeded in the environment or its… In an amendment paper in 1977 on the law NSKV divided into primary and… From countries outside Western Europe in the last few years they have been introduced, deny in Germany and Denmark.…

Rating Sistem in Russia
The professional skills are the maincriterion in defining the best actor oractress. The best topics. - TheBoundary. The Taiga love story - The Stop… The best peace of nature. - TheFeatures of the national hunting - The District…

Banking services in Russia: theory and fact
So in my research I try to answer two questions. Is the banking system in Russia fully developed Bank services in Russia theory and fact. Do they… The differences lie in the limitations for the private sector and in… From this information, we can conclude that the Russian banking system has not fully developed yet. Evaluating the…

Economic and sociological analysis of suicide
We can assume that if religious leaders would promise better life and god s forgiveness of all sins people committed, some people under… The benefits of life are emphasized in Judaism and for Jews costs of suicide… This is one of the main reasons of the lowest level of suicides now in Italy, Spain and number of the Latin American…

The history of smart-cards and their place in modern Russia
The trial period which was over by 1995 allowed its participants to learn technologies and problems that can be hit upon while dealing with cards… What are plastic cards What kinds of cards exist Cards with magnetic line and… These problems are the increase of financial risks and losses, administration expenses, technical problems. This kind…

0.031
Хотите получать на электронную почту самые свежие новости?
Education Insider Sample
Подпишитесь на Нашу рассылку
Наша политика приватности обеспечивает 100% безопасность и анонимность Ваших E-Mail
Реклама
Соответствующий теме материал
  • Похожее
  • По категориям
  • По работам
  • Monopolistic competition and economic efficiency (Монополистическая конкуренция и экономическая) One can not predict or expect either producers or consumers behaviour without knowing general profit and utility maximising notions and… The theory of Market Structure divides the markets into four most distinctive… The markets, which combine both the price making of a monopoly with a large number of suppliers and free- entry…
  • Will Russia be a Rising State a Great Failure? Russians are trying to reconstruct their economy and social system. Russia has many challenges and obstacles to overcome during their period of… Its potential is based on its vast lands full of natural resources, great… For example, Napoleon froze his army to death during his invasion to Moscow. Russia is very rich in natural…
  • Mother Russia: гендерный аспект образа России в западной историософии Сначала зафиксируем две идеи, заключенные в историософеме Матушка-Русь первая - русские относится к России как к матери вторая - сама Россия… Если первая идея характеризует динамический компонент национальной… Преобладанием материнского начала обычно объясняют специфические черты русской души, ее достоинства и недостатки.Так,…
  • Economic sanctions in MP (english) The question this seem especially academic, that is torn off from life. But since the end of a 1935 in connection with итало-абиссинским by the… This problem appears and in внешнеполитической of activity of a Republic of… The president of a Republic of Uzbekistan И.А. Каримов in the performance statement as one of methods of the sanction…