Exchange Rates Puzzle

Student: Leonov Kirill

Supervisor: Sergey M. Menshikov

Educational Programme: Stock Market and Investment (Master)

Year of Graduation: 2016

The study of factors that affect exchange rates is an actual topic nowadays. Understanding the causes of exchange rates variance can be used by the Governemt or at the same time by every person, who is interested in the efficient use of his own funds. In this paper the key methods of exchange rates analysis are described. The author of the article also studies different factors` impact on the ruble exchange rate with the use of macroeconomic equilibrium approach. The paper identifies the determinants of the ruble exchange rate, represented by the formula of current operations of Russia`s balance of payments. In addition, the author analyzes the leading Russian exporting raw materials impact on the ruble exchange rate. The study confirms the ruble dependent on world energy prices.

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