Not an exceptional country : Russia and the global financial crisis of 2008-2009

Research output: Journal PublicationsJournal Article (refereed)

2 Citations (Scopus)

Abstract

What began as a downturn in the US housing sector in summer 2007 mushroomed into a global financial crisis by September 2008—the most severe since the Great Depression of the 1930s. Initially, Western European governments, including the Russian government, blamed the crisis on US financial excesses and felt that their economies would remain immune from the contagion. However, this proved to be a false comfort. The subprime-induced contagion spread to Europe with unprecedented ferocity, rapidly engulfing the entire continent. This essay explains why Russia, deemed to be the most immune, succumbed so quickly to the contagion, and includes lessons policymakers can learn from the Russian experience to better insulate their economies from the vagaries of the global financial markets.
Original languageEnglish
Pages (from-to)31-44
Number of pages14
JournalMediterranean Quarterly
Volume22
Issue number2
DOIs
Publication statusPublished - 1 Jun 2011
Externally publishedYes

Fingerprint

financial crisis
Russia
Great Depression
financial market
economy
summer
housing
experience
continent
Europe

Cite this

@article{c1cd1eafaf9c4e65943b3b6faea349ca,
title = "Not an exceptional country : Russia and the global financial crisis of 2008-2009",
abstract = "What began as a downturn in the US housing sector in summer 2007 mushroomed into a global financial crisis by September 2008—the most severe since the Great Depression of the 1930s. Initially, Western European governments, including the Russian government, blamed the crisis on US financial excesses and felt that their economies would remain immune from the contagion. However, this proved to be a false comfort. The subprime-induced contagion spread to Europe with unprecedented ferocity, rapidly engulfing the entire continent. This essay explains why Russia, deemed to be the most immune, succumbed so quickly to the contagion, and includes lessons policymakers can learn from the Russian experience to better insulate their economies from the vagaries of the global financial markets.",
author = "SHARMA, {Shalendra D.}",
year = "2011",
month = "6",
day = "1",
doi = "10.1215/10474552-1263379",
language = "English",
volume = "22",
pages = "31--44",
journal = "Mediterranean Quarterly",
issn = "1047-4552",
publisher = "Duke University Press",
number = "2",

}

Not an exceptional country : Russia and the global financial crisis of 2008-2009. / SHARMA, Shalendra D.

In: Mediterranean Quarterly, Vol. 22, No. 2, 01.06.2011, p. 31-44.

Research output: Journal PublicationsJournal Article (refereed)

TY - JOUR

T1 - Not an exceptional country : Russia and the global financial crisis of 2008-2009

AU - SHARMA, Shalendra D.

PY - 2011/6/1

Y1 - 2011/6/1

N2 - What began as a downturn in the US housing sector in summer 2007 mushroomed into a global financial crisis by September 2008—the most severe since the Great Depression of the 1930s. Initially, Western European governments, including the Russian government, blamed the crisis on US financial excesses and felt that their economies would remain immune from the contagion. However, this proved to be a false comfort. The subprime-induced contagion spread to Europe with unprecedented ferocity, rapidly engulfing the entire continent. This essay explains why Russia, deemed to be the most immune, succumbed so quickly to the contagion, and includes lessons policymakers can learn from the Russian experience to better insulate their economies from the vagaries of the global financial markets.

AB - What began as a downturn in the US housing sector in summer 2007 mushroomed into a global financial crisis by September 2008—the most severe since the Great Depression of the 1930s. Initially, Western European governments, including the Russian government, blamed the crisis on US financial excesses and felt that their economies would remain immune from the contagion. However, this proved to be a false comfort. The subprime-induced contagion spread to Europe with unprecedented ferocity, rapidly engulfing the entire continent. This essay explains why Russia, deemed to be the most immune, succumbed so quickly to the contagion, and includes lessons policymakers can learn from the Russian experience to better insulate their economies from the vagaries of the global financial markets.

UR - http://commons.ln.edu.hk/sw_master/29

UR - https://www.scopus.com/inward/record.uri?eid=2-s2.0-79956361136&doi=10.1215%2f10474552-1263379&partnerID=40&md5=93ed1738b311f79abdb96f1e68752532

U2 - 10.1215/10474552-1263379

DO - 10.1215/10474552-1263379

M3 - Journal Article (refereed)

VL - 22

SP - 31

EP - 44

JO - Mediterranean Quarterly

JF - Mediterranean Quarterly

SN - 1047-4552

IS - 2

ER -