Russia and the Global Financial Crisis

Abstract

The present financial crisis is a further link in the chain of crises widely described in economics literature. As recently as in the 1990s the global economy was affected by a number of crises which had an impact on several whole groups of countries. In 1992-1993 several countries of the European Union (United Kingdom, Italy, Sweden, Norway and Finland) suffered currency crises. In 1994-1995 a severe crisis which had started in Mexico expanded to other countries in Latin America. In 1997-1998 a global financial crisis began in the countries of Southeast Asia (Korea, Malaysia, Thailand, Indonesia, Philippines), and then spread to Eastern Europe (Russia and several countries of the former USSR) and Latin America (Brazil).