Currency Crises in Modern Russia

Student: Mariamov Iason

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2019

Currency crisis can be defined as a situation of rapid decline (or unfavourable fluctuation) in the value of national currency, followed by deterioration of foreign reserves and disruption of the balance of payments. Currency crises have played a noticeable role in economic history of Russia for the last two decades. Actually, the value of Russian national currency - the ruble - amounts for a significant part of present and past shocks in output and has a strong influence on Russian economy. This particular research paper is aimed on discovery and identification of trends, that led to the last main currency crises in modern Russia - 2008-2009 (after the mortgage crisis in the US and subsequent World Financial Crisis) and the last devaluation of ruble which happened during Fall 2014, caused by declining crude oil prices and a complicated geopolitical situation in connection with Ukrainian events.

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