| Publication |
2009.
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| Summary/Abstract |
The global economic crisis is rapidly growing and it is difficult to say yet how long it will last. Forecasting the future of this crisis is as senseless as forecasting crude oil prices. When they were high, the only thing one could say confidently was that prices would eventually fall some day. In much the same way, one can be sure now that the crisis will end one day, although neither when that will happen, nor the amount of damage, nor the layout of the post-crisis economy are known yet.
The crisis Russia went through in 1998 had domestic roots - a weak government incapable of conducting a responsible macroeconomic (budgetary, in the first place) policy. The current situation is markedly different: for the first time ever, this country is coming to grips with a world crisis as part of the global economic and financial system. This signifies that Russia is gradually turning into a normal market economy.
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