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Topic: Russian financial crisis of 1998

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Asian financial crisis - Wikipedia, the free encyclopedia The Asian crisis contributed to the Russian and Brazilian crises of 1998, because after the Asian crisis banks were reluctant to lend to emerging countries. The Singaporean economy managed to turn in a relatively healthy performance in comparison to her Asian peers during and as a result of the financial crisis, although its strong linkages and dependency on her regional economies still entailed some negative effects on her economy. Many economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets due to the speed of the crisis. en.wikipedia.org /wiki/Asian_financial_crisis

POST-CRISIS AUTO PROSPECTS IN RUSSIA However, these predictions were made before the financial crisis, which has significantly diminished the ranks of the middle class. In the face of the 1998 crisis, AvtoVAZ intends to produce 657,000 cars this year, a 9 percent increase from 1998. Paradoxically, the post-August crisis has improved the financial condition of many enterprises by improving their position vis-a-vis imports and from a price perspective, making these vehicles more viable on the domestic market, as well as more “exportable.” www.bisnis.doc.gov /bisnis/bulletin/99-9bull5.htm   (1041 words)

Case 1 Financial Markets FNAN 321 Additionally, the financial instability that occurred with the Asian Crisis in 1997 and the insolvency of Long Term Capital Management (LTCM) in 1998 following the Russian default and ruble depreciation are given as examples of the need for global financial oversight of risk exposures taken by large, complex financial institutions. While the current turmoil has significant interaction with the international financial system, the recent crisis would arguably have been better contained if long-maturity property loans had not accentuated the usual mismatch between maturities of assets and liabilities of domestic financial systems that were far from robust to begin with. Recurring themes in the development of financial markets and institutions in the 1980's, for the 1990's and the new millennium are financial deregulation, disintermediation, globalization, securitization and global financial stability. www.som.gmu.edu /sba/321case1.htm   (1041 words)

Asian financial crisis - Wikipedia, the free encyclopedia The Asian crisis contributed to the Russian and Brazilian crises of 1998, because after the Asian crisis banks were reluctant to lend to emerging countries. The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. Such economists believe that this crisis was the result of unsustainable macroeconomic/protectionist policies which create the very "market" imperfections they were originally designed to correct. en.wikipedia.org /wiki/Asian_financial_crisis   (3079 words)

BBC NEWS Business Russian bank crisis panics public Russian bank customers are still harbouring painful memories of 1998, when many citizens lost their savings as the economy nearly collapsed and many banks went under. The Russian central bank has been trying to calm public fears about the country's financial institutions after Guta, one of Russia's 25 biggest banks by assets, said on Tuesday that it was suspending operations after a run of withdrawals had depleted its coffers. After Alfa's decision to impose the penalty charge, Russian officials moved quickly to dispel further panic. news.bbc.co.uk /2/hi/business/3877677.stm   (3079 words)

The Oligarchs And certainly not all of them were ruined by the 1998 financial crisis, when Moscow simultaneously defaulted on its debt and devalued the ruble; after all, the government gave the oligarchs three months to hide their assets before creditors could descend. The other is that these men were self-serving opportunists who carried out the biggest heist in history, robbing Russians of their corporate assets, their savings (twice) and flouting the very principles of democracy and the free market for which they pretended to stand. And yet it was the oligarchs who brought Putin to power, and the system that reigns in the country today is the legacy of what they created in collusion with their patron saint, Boris Yeltsin. www.theoligarchs.com   (3079 words)

Prospects for the Litas: the Impact of the Russian Crisis - Kairys, Sabunas Following the collapse of the Russian ruble at the end of August 1998, we examined the prospects for the Lithuanian litas in the wake of the Russian economic and financial crisis. Imports remain at their present levels, and overall exports remain unaffected by the Russian crisis, as new markets are found to replace the loss of export markets to Russia, Ukraine and Belarus. We considered four different policy responses to the Russian devaluation, and we believed that the optimal policy response to the ruble devaluation was a proactive devaluation of the Lithuanian litas. www.lituanus.org /1999/99_3_02.htm   (7830 words)

Asia Times However, memories of the rouble's volatility are fresh: within days of Russia's August 1998 financial crisis, the rouble had plunged from six to 24 per $1. The Russian rouble is likely to become the EEC's currency "within the next several months", Russian Prime Minister Mikhail Kasyanov announced at an EEC meeting in the Kazakh capital of Astana on September 20. By suggesting that its rouble should dominate the settlement of international transactions among EEC states, Moscow is arguably aiming at having more say in post-Soviet economic policies as it considers itself a leading power. www.atimes.com /atimes/Central_Asia/DI24Ag02.html   (1241 words)

Development of the corporate securities market in 1996 -1998 The next phase of the financial crisis in the Russian stock markets coupled with the increased pressure on the rouble exchange rate forced the Central Bank of the Russian Federation to raise twice during April 1998 the refinance and lombard credit rates (Chart 3). The role of Russian commercial banks is growing, too (it was especially noticeable in the summer of 1997), although their participation in the investment process remains insignificant. Any significant changes in the Russian corporate securities market may only be expected after the threat of the rouble devaluation has disappeared and the situation in the government securities market has stabilized. www.iet.ru /special/oecd/ryk/03e.htm   (4752 words)

The Future of Kaliningrad: a pilot project or exclave? / Policy Paper Kaliningrad was particularly strongly affected by the Russian financial crisis of August 1998 because of its dependence on foreign trade and particularly imports. Kaliningrad: The Kaliningrad Branch of the All-Russian Co-ordination Council of Russian Industrialists (in Russian). The Russian Federation should retain the status of the SEZ for the Oblast, but, at the same time, should introduce local FEZs that must be applicable to the non-EU countries. www.policy.hu /sergounin/paper.html   (4752 words)

RUSSIAN PACIFIC FLEET SCRAPS WHALE-TRAINING BASE - 17 Novembe... The Russian military is cutting back because of the country's financial crisis and a lack of funds for the armed forces. The base in the far east at Vityaz Bay belonged to the Russian Pacific Fleet and was used to teach various kinds of toothed whales to detect enemy divers and carry out other tasks. RUSSIAN PACIFIC FLEET SCRAPS WHALE-TRAINING BASE- 17 November 1998 www.whalewatch.co.nz /_disc3/00000100.htm   (4752 words)

Asian financial crisis -- Facts, Info, and Encyclopedia article The Asian crisis contributed to the Russian and Brazilian crises of 1998, because after the Asian crisis banks were reluctant to lend to emerging countries. The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. The economic crisis also led to political upheaval, most notably culminating in the resignations of (Indonesian statesman who seized power from Sukarno in 1967 (born in 1921)) Suharto in Indonesia and Chavalit Yongchaiyudh in Thailand. www.absoluteastronomy.com /encyclopedia/a/as/asian_financial_crisis.htm   (2664 words)

The World Factbook 2004 -- Lithuania Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Lithuanian 80.6%, Russian 8.7%, Polish 7%, Belarusian 1.6%, other 2.1% Roman Catholic (primarily), Lutheran, Russian Orthodox, Protestant, Evangelical Christian Baptist, Muslim, Jewish www.brainyatlas.com /geos/lh.html   (1031 words)

CIA - The World Factbook -- Russia Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 31%. The brutal rule of Iosif STALIN (1928-53) strengthened communist rule and Russian dominance of the Soviet Union at a cost of tens of millions of lives. www.cia.gov /cia/publications/factbook/geos/rs.html   (1890 words)

CIA - The World Factbook -- Russia Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 36%. .ru; Russia also has responsibility for a legacy domain ".su" that was allocated to the Soviet Union, and whose legal status and ownership are contested by the Russian Government, ICANN, and several Russian commercial entities www.cia.gov /cia/publications/factbook/geos/rs.html   (1846 words)

3 We split it into two sub-periods between which there are, in our view, serious differences; one before the beginning of the world financial crisis (October 1997) and the subsequent period (the spread of the financial crises in Russia and through the most of emerging markets) from November 1997 till August 1998. Since May 1998 the tendency of the Russian stock index was under significant influence of the domestic political and economic developments which affected the investment climate in the country. The second period was the period of the highest activity at the Russian market which can be seen, for example from the RTS volumes of trading (see fig. www.iet.ru /personal/radygin/f99fin/3_2.htm   (2803 words)

CIA - The World Factbook -- Russia Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 28%. Russia ended 2004 with its sixth straight year of growth, averaging 6.5% annually since the financial crisis of 1998. In addition, a string of investigations launched against a major Russian oil company, culminating with the arrest of its CEO in the fall of 2003, have raised concerns by some observers that President PUTIN is granting more influence to forces within his government that desire to reassert state control over the economy. www.cia.gov /cia/publications/factbook/geos/rs.html   (2803 words)

CIA - The World Factbook -- Russia Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 31%. Communist Party of the Russian Federation or CPRF [Gennadiy Andreyevich ZYUGANOV]; Liberal Democratic Party of Russia or LDPR [Vladimir Volfovich ZHIRINOVSKIY]; Motherland Bloc (Rodina) [Dmitriy ROGOZIN]; People's Party [Gennady RAIKOV]; Union of Right Forces or SPS [Nikita BELYKH]; United Russia [Boris Vyacheslavovich GRYZLOV]; Yabloko Party [Grigoriy Alekseyevich YAVLINSKIY] www.odci.gov /cia/publications/factbook/geos/rs.html   (1890 words)

Economy of Latvia -- Facts, Info, and Encyclopedia article Latvia's state budget was balanced in 1997 but the Russian financial crisis of 1998 resulted in large deficits which are being slowly reduced, from 4% of GDP in 1999 to 1.8% in 2003. This recovery was interrupted twice, first by a banking crisis and the bankruptcy of Banka Baltija, Latvia's largest bank, in 1995 and second by a severe crisis in the financial system of neighbouring Russia in 1998. Latvia and the (North American republic containing 50 states - 48 conterminous states in North America plus Alaska in northwest North America and the Hawaiian Islands in the Pacific Ocean; achieved independence in 1776) United States have signed treaties on investment, trade, and intellectual property protection and avoidance of double taxation. www.absoluteastronomy.com /encyclopedia/E/Ec/Economy_of_Latvia.htm   (912 words)

CIA - The World Factbook -- Russia Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 36%. Communist Party of the Russian Federation or CPRF [Gennadiy Andreyevich ZYUGANOV]; Liberal Democratic Party of Russia or LDPR [Vladimir Volfovich ZHIRINOVSKIY]; Motherland Bloc (Rodina) [Dmitriy ROGOZIN]; Union of Right Forces or SPS [Nikita BELYKH]; United Russia [Boris Vyacheslavovich GRYZLOV]; Yabloko Party [Grigoriy Alekseyevich YAVLINSKIY] www.cia.gov /cia/publications/factbook/geos/rs.html   (1846 words)

Economy of Latvia - Wikipedia, the free encyclopedia Latvia's state budget was balanced in 1997 but the Russian financial crisis of 1998 resulted in large deficits which are being slowly reduced, from 4% of GDP in 1999 to 1.8% in 2003. This recovery was interrupted twice, first by a banking crisis and the bankruptcy of Banka Baltija, Latvia's largest bank, in 1995 and second by a severe crisis in the financial system of neighbouring Russia in 1998. Latvia and the United States have signed treaties on investment, trade, and intellectual property protection and avoidance of double taxation. en.wikipedia.org /wiki/Economy_of_Latvia   (946 words)

CIA - The World Factbook -- Russia Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 31%. Communist Party of the Russian Federation or CPRF [Gennadiy Andreyevich ZYUGANOV]; Liberal Democratic Party of Russia or LDPR [Vladimir Volfovich ZHIRINOVSKIY]; Motherland Bloc (Rodina) [Dmitriy ROGOZIN]; People's Party [Gennady RAIKOV]; Union of Right Forces or SPS [Nikita BELYKH]; United Russia [Boris Vyacheslavovich GRYZLOV]; Yabloko Party [Grigoriy Alekseyevich YAVLINSKIY] www.cia.gov /cia/publications/factbook/geos/rs.html   (1882 words)

CIA - The World Factbook -- Russia Russia ended 2004 with its sixth straight year of growth, averaging 6.5% annually since the financial crisis of 1998. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 28%. The brutal rule of Josef STALIN (1928-53) strengthened Russian dominance of the Soviet Union at a cost of tens of millions of lives. www.cia.gov /cia/publications/factbook/geos/rs.html   (1739 words)

S.A. Advisory Newsletter November 1998 - VIMPELCOM Russia's financial crisis is likely to have a significant impact on VimpelCom, negatively affecting its short-term performance as well as its growth prospects: 3Q98 results are likely to be disastrous as the company writes off its short-term investments and realizes massive foreign exchange losses. At the same time, relative to other Russian telecoms, the company is likely to be less affected by the financial turmoil. VimpelCom is the largest provider of cellular telecommunications in Russia, marketing its services under the brand name "Bee Line." The VimpeICom Group operates the only Digital-AMPS cellular network and the first Russian PCS network, using GSM technology, in the Moscow License Area, which includes the City of Moscow and the Moscow Region. www.saadvisory.com /news/98nov/vimpelcom.htm   (1739 words)

multi0page.txt Vasiliev describes three stages of capital market devel- that in the era of globalization, stock market services will opment up to the onset of the financial crisis in 1998, be readily available abroad, both for companies wanting to which saw the collapse of the Russian securities market. The only exception is by far financial sector restructuring and that the results and fail- the largest bank-part of the former specialized savings ures of these policies and reforms have modified the bank, PKO BP, which is still owned completely by the state impact of all other factors as well. Thus the state of affairs in the financial sector is a political interference in managing the financial sector, mirror image of the hardships in the real economy. www-wds.worldbank.org /servlet/WDSContentServer/WDSP/IB/2001/12/11/000094946_01112204191337/Rendered/INDEX/multi0page.txt   (1739 words)

Online NewsHour: Troubled Ruble -- May 28, 1998 PHIL PONCE: Russian financial markets have been tumbling, and yesterday the government began taking major steps to maintain the value of the ruble. The Russia ruble is under pressure and few people believe Boris Yeltsin's assurances that there is no financial crisis. MARK WEBSTER, ITN: It's been another nail-biting day here on the Russian Stock Exchange, for although share prices have recovered a little, the Russia ruble is still under pressure, and few people believe the president's assurances that there's no crisis. www.pbs.org /newshour/bb/europe/jan-june98/ruble_5-28.html   (1739 words)

Lithuania : Economy Lithuania has conducted the most trade with Russia, faced its own economic and financial crisis in 1999 as a result of the government's wrongfooted economic policies and its inadequate response to the August 1998 Russian financial crisis. Lithuania has benefited from its disciplined approach to market reform and its adherence to strict fiscal and monetary policies imposed by the IMF, measures that have helped constrain the growth of the money supply, reduce inflation to 5.1%, and support GDP growth of 6% in 1997 and 4.5% in 1998. Lithuania was invited at the Helsinki EU summit in December 1999 to begin EU accession talks in early 2000. www2.omnitel.net /ramunas/Lietuva/lt_economy.shtml   (1016 words)

Support Igor Sutyagin: August 2004 Archives A recent public opinion poll conducted by the All-Russian Public Opinion Research Center, or VTsIOM, in connection with the anniversary of the August 1998 financial crisis - otherwise known as the "default" - shows that most citizens think some kind of financial crisis will happen again. Even after shedding its independent head, Yury Levada, VTsIOM found almost half of those questioned believe that in Russia such a crisis could happen at any moment. sutyagin.org /eng/archive/2004_08.shtml   (1016 words)

Map 4 Kids - Russia Travel Russia achieved a slight recovery in 1997, but the government's stubborn budget deficits and the nation's poor business climate made it vulnerable when the global financial crisis swept through in 1998. Russia, general name for the independent, federal republic in eastern Europe and western and northern Asia officially called the Russian Federation (Russian, Rossiyskaya Federatsiya); historically the term is used to refer to the Russian Empire (862-1917), which covered a much larger area than that of present-day Russia. The historical origins of the Russian state, are chiefly those of the East Slavs, the ethnic group that evolved into the Russian, Ukrainian, and Belorussian peoples. www.map4kids.com /world/europe/russia/index.php   (1016 words)

Map Zones : Russia Map Russia achieved a slight recovery in 1997, but the government's stubborn budget deficits and the country's poor business climate made it vulnerable when the global financial crisis swept through in 1998. Russia, general name for the independent, federal republic in eastern Europe and western and northern Asia officially called the Russian Federation (Russian, Rossiyskaya Federatsiya); historically the term is used to refer to the Russian Empire (862-1917), which covered a much larger area than that of present-day Russia. The historical origins of the Russian state, however, are chiefly those of the East Slavs, the ethnic group that evolved into the Russian, Ukrainian, and Belorussian peoples. kids.mapzones.com /world/russia   (1016 words)

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