Another version of development
Martin Gilman the head of the HSE Centre for advanced studies comments on the Russian economy nearest prospective. According to Gilman, domestic producers are to benefit from the crisis.
The 1998 devaluation drove up prices for foreign goods, making domestic production "much more competitive," said Martin Gilman, the HSE professor, a former representative of the International Monetary Fund to Russia.
"Just about any company that was producing goods for the domestic market benefited," he said. "Food producers, automakers, clothing, light goods -- they all made money."
The higher standard of living achieved in the last decade has also made the devaluation less likely to fuel a recovery this time around. Labor costs in Russia are now far greater than in China, for example, making Asian imports competitive even with the weakened currency.
Nonetheless, there have been spots of hope. Gilman said he'd seen an investment bank's internal memo predicting plummeting imports in January, which could help domestic producers if it represents a turn to Russian products.
"The exchange rate is making foreign goods more expensive, so a shift to domestic goods seems like the next logical step," he said, pointing to the processed-food sector as one area where a cheaper ruble would play a particularly favorable role.
"We should start seeing the true impact of devaluation in February and March," Gilman said.
Martin Gilman for the Moscow Times.
Speaking at the HSE Banking Institute, Senior Resident Representative of the IMF in Russia, Bikas Joshi described the prospects for the Russian economy.
Anton Siluanov, Minister of Finance of the Russian Federation, spoke at opening of the XV April International Academic Conference on Economic and Social Development.
Dr. Marek Dabrowski, CASE Fellow at the CASE — Center for Social and Economic Research in Warsaw, Poland, has participated in every HSE April Conference since 2001, missing just the 2000 inaugural event. A professor with decades of experience in the field of economics, Dr. Dabrowski’s current areas of expertise range from monetary and fiscal policies and political economies in transition to perspectives on European integration and European Neighborhood Policy. In advance of next week’s XV HSE April Conference, Dr. Dabrowski kindly took part in a brief interview with the HSE News Service.
HSE Academic Supervisor, Professor Evgeniy Yasin, opened the XIV HSE April International Academic Conference on Economic and Social Development.
The XIV HSE April International Academic Conference on Economic and Social Development started in Moscow on April 2, 2013. HSE Academic Supervisor Evgeniy Yasin addressed the first plenary session on the Global Economic Crisis and the Russian Economy.
On February 15th Mr. Odd Per Brekk, Senior Resident Representative of the International Monetary Fund in Moscow, gave a master class at the HSE on ‘What the global economic crisis means for Russia’.
On December 12th 2011, a new ‘Economic Survey of the Russian Federation’ and a ‘Review of Labour Market and Social Policies in the Russian Federation’ prepared by the Organization for Economic Co-operation and Development were presented at the Higher School of Economics.