The financial crisis on Russia and its enormous impact of macroeconomic measures and Inspiration2042

1、the financial crisis on russia and its enormous impact of macroeconomic measures and inspiration abstract: the impact of the global financial crisis continued, the russian macroeconomic situation worsened, and the financial markets and the real economy suffered a double blow to the crisis, the gover

2、nment introduced at different times in different crisis response measures, the policy focus from individual enterprise to rescue the banking sector and thus on the economy as a whole to support it. as the bric china and russia in its economic development has certain similarities, the russian crisis

3、during the confrontation of different policies and measures the impact of financial crisis, china has certain reference significance, this paper presents a targeted policy recommendations . keywords: russian economic crisis response abstract: is attacked continually the whole world financial crisis,

4、 the russian macroscopic economic situation develops rapidly after a sudden turn, the money market and the entity economy suffers the dual attack, this country government at the crisis different time appearing different crisis should to the measure , key transfer the policy rescue from the single en

5、terprise the banking industry then to give to the overall economy the support.as golden brick four countries china and russia had certain similarity in the economical development aspect, russia take the special operational policy measures in the crisis different time which the resistance financial c

6、risis attacked to our country to have certain model significance, this article proposed had the pointed policy suggestion. keywords: the russian economy crisis attacks should effective way in recent years, russias economy to benefit from the international crude oil prices to promote sustained and ra

7、pid growth, the countrys large-scale domestic enterprises borrowing of foreign capital in order to promote its domestic consumption and investment as the main strong growth in domestic demand. however, since early 2009 when the international financial crisis since the sustained impact in every corne

8、r of the world, the russian macroeconomic situation worsened, and the financial markets and the real economy, are subject to a huge blow. at different times of crisis the russian government introduced a different crisis response measures, the policy focus from individual enterprise to rescue the ban

9、king sector and thus on the overall economy to support it. 1. the russian economy has been tremendous impact on the global financial crisis 1.1 the contraction of economic growth, the unemployment rate is rising rapidly. by the financial crisis, last year russias gross domestic product (gdp) growth

10、of only 5.6%, while the gdp growth rate this year, a quarter of decline 7 percent, with the economic crisis continue to spread to the real economy, the russian major companies have emerged with varying degrees of contraction, according to the russian federal statistics office information, a quarter

11、of russias industrial output fell by 13 percentage points, decreases the speed much higher than market expectations, far more than in 1998 during the asian economic crisis, the worst increase in russias industrial value of the rate of decline. rapid decline in industrial growth rate is hidden behind

12、 the large number of layoffs and closures of small and medium enterprises, the russian unemployment rising, the number of registered unemployed and the unemployment rate more than 2 million, respectively, and 8%. 1.2 withdrawal of a large number of foreign investment exacerbate the financial market

13、turbulence. with russias integration with the global economy growing, the current market, the countrys dependence on foreign capital has reached 50% 70%, the worlds financial markets are any fluctuations in the russian market by foreign capital flows caused a market reaction. the continued impact of

14、 the financial crisis has triggered the countrys domestic large-scale capital flight, in 2008 the total capital flight of up to 130 billion u.s. dollars, the international capital markets, the basic closure of russias current economic situation has led to worrisome is moving in the direction of the

15、initial estimated capital outflows this year could reach 100 billion u.s. dollars. diffuse panic the financial markets has led to foreign investors have withdrew from the russian securities market, to sell the russian energy stocks and bank shares, further exacerbating the russian financial market t

16、urbulence. 1.3 entities, the economic downturn led to a sharp decline in fiscal revenues. in the ongoing international financial crisis under the impact of sharp fluctuations in international energy prices led to russias export enterprises in trouble, because the russian budget is based on the price

17、 of oil-based formulation, so the russian governments revenue estimate for the export of energy and resources highly dependent according to the russian governments preliminary estimates, when the average price of crude oil fell 70 u.s. dollars / barrel in the vicinity, the russian government needs t

18、o start to add income to the budget reserve fund; when dropped to 60 u.s. dollars / barrel in the vicinity, the russian government budget deficit will occur; when dropped to 50 u.s. dollars / barrel near the russian budget deficit to gdp ratio of more than 1%; when dropped to 40 u.s. dollars / barre

19、l, the russian government will be the international balance of payments deficit. current oil prices in 40 u.s. dollars / barrel near the fluctuations, therefore, the russian government to spend its huge reserves of most of the deposits, if oil prices continue to fall or long-term maintained at 40 u.

20、s. dollars / barrel or so, the increase of financial pressure will force the russian government had to think of ways to borrow money from abroad a lot. 1.4 a sharp reduction in foreign exchange reserves. after the 1998 asian financial crisis, russian financial risk prevention awareness of the gradua

21、l increase, the government aware of the consequences of allowing the ruble devaluation will be very serious. in order to support the continuous depreciation of the ruble, the russian government intervention in a large amount of foreign exchange reserves, foreign exchange, but ultimately little effec

22、t, but led to a sharp reduction in russias foreign exchange reserves, from august 2008 to intervene in currency markets since the russian governments foreign exchange reserves of more than three one-(about 200 billion u.s. dollars), as of early 2009 russias foreign exchange reserves had fallen to 38

23、8.1 billion u.s. dollars. 2. crisis in russia in different periods against the financial crisis of policy measures 2.1 the crisis of the early implementation of a targeted relief measures for individual enterprises. russias real economy from the crisis hit, the countrys domestic enterprises in troub

24、le and unemployment gradual deterioration of domestic enterprises in order to avoid large-scale layoffs or bankruptcy resulting in more people unemployed, end of last year the russian government decided to increase relief efforts on the real economy and as soon as possible the enterprise of relief,

25、set up a special ministry of finance, ministry of economic development, trade and industry department, ministry of agriculture and the department of energys anti-crisis working group composed of, respectively, of great significance for the russian economy nearly 1,500 enterprises support, efforts to

26、 protect these companies can get state orders, and implementation of loan interest subsidies and restructure its debt. all 1,500 were rescued companies must meet three criteria, one of the pillars of urban and regional enterprises, and second, an annual turnover of not less than 150 to 160 billion r

27、ubles and the third is the number of workers no less than 4,000 enterprises. as of late last year russia has 122 large and medium sized banks access to government capital injection, but due to the deteriorating business environment of multiple factors such as bank credit crunch of these funds is dif

28、ficult to quickly reach the enterprise, the russian government promised, if necessary, will be to these enterprises a direct capital injection. as russias economy remains heavily dependent on exports of raw materials, especially energy exports, therefore, has a targeted focus on russian government t

29、o save energy enterprises, the russian government pledged to gazprom, rosneft, lukoil and tnk-bp and other enterprises funding used to repay foreign debt, in order to protect the economic security of the arteries. reposted elsewhere in the paper for free download http:/ 2.2 the crisis in the latter

30、part of the aid focus from individual enterprise to the whole banking sector. under the impact of the financial crisis continued to foreign exchange reserves has shrunk sharply and capital flight as the main features of a large number of russian financial markets suffered heavy losses, the countrys

31、economic fundamentals continued to deteriorate leading to three international rating agency fitch cut russias sovereign credit rating to bbb, this rating is only more than junk bond level higher than the two tranches, the rating implies the reduction in volatility in global capital markets enabled t

32、he russian banks and enterprises in the external debt refinancing will be trouble. the russian government realized that the crisis continues, the length of time may exceed the 1998 asian financial crisis, in response to crisis continued to deepen and maintain the stability of the economy and foreign

33、 exchange reserves, the russian government to actively adjust their policies rejected by other countries for the continued use of reserves to proposal to make up budget deficits, while the crisis should focus from rescue to save the banking sector through individual enterprise to support the overall

34、 economy. earlier this year, the russian government approved the 2020 russian financial market development strategy, wishing to moscow, london and new york to create images as an international financial center, thereby increasing the competitiveness of the russian financial market. at the same time,

35、 in order to save government expenditure and control the fiscal deficit, the russian government has abandoned fiscal expenditures in order to deal with the financial crisis, in order to sharply declining tax revenues can continue to control the fiscal deficit under the scale. 3. for my inspiration a

36、nd policy recommendations 3.1 to accelerate the development of chinas economic restructuring. the sharp fluctuations in international energy prices on the russian economy, the most direct impact on oil and gas export revenue received significantly less, thus affecting the countrys 2009 budget revenu

37、es and expenditures. the comparison with the above, in recent years, foreign trade is driving chinas rapid economic growth in the troika (foreign trade, investment, consumption), the main driving force, the financial crisis caused by the rapid decline of chinas foreign trade on chinas economic growt

38、h caused a negative impact on a larger, export slowdown exacerbated the extent of chinas continued economic downturn and the time in the future of chinas economic development and economic structural adjustment process should be developed through a multi-high-tech industries, and improve labor produc

39、tivity and economic efficiency, thereby expanding domestic investment and consumption, stimulate economic growth of gdp. 3.2 the domestic financial system reform need to reduce dependence on foreign capital. although the introduction of foreign capital in improving the governance structure of chinas

40、 financial institutions, improving management, technology plays an important role, but foreign capital into chinas main objective is to make money, a large-scale foreign capital inflows and outflows of a countrys economic health functioning have done great harm therefore, the introduction of foreign

41、 capital for chinas financial reform, the importance of some economists is expected to be far less important, last year in vietnam and the current financial crisis, the russian foreign capital to return a large number of such phenomena has been fully confirmed that a countrys economic development and reform can not be over-reliance on foreign capital. 3.3 to enhance predictability and global nature of financial risks. the impact of the financial crisis began, russias real economy, the russian part of the government officials and economists believe that russias extens