The document summarizes specific conditions in Russia's economy including a dependence on external factors that lead to exposure to external shocks like price and supply changes. It also notes a volatile balance of payments and undeveloped capital and debt markets. The global financial crisis caused multiple shocks in late 2008-2009 that led to a deep recession, a decrease in ruble money demand, and dramatic drops in macroeconomic indicators and monetary aggregates. Fiscal consolidation efforts were also needed.

2. Specific conditions of the MFP in Russia
• Significant dependence of the Russian economy on external factors,
exposure to external shocks
• High influence on external prices and supply shocks
high inflation, ruble exchange rate movements, unstable growth of economy
and budget conditions
• Volatile balance of payments
• Undeveloped internal capital and debt market

3. Influence of the global financial crisis
on Russian economy
• A whole bunch of shocks in H2.2008 – 2009
• Deep economic recession in 2009
• Ruble money demand decrease in 2009

4. Influence of the crisis on the FX market and BoP

5. Macroeconomic indicators drop dramatically

6. Decline of monetary aggregates

7. Fiscal Consolidation

8. Thank you for your
attention!
Presentation
by Andrew Mamyshev,
RANEPA-2013