1. What are the characteristics of financial crisis situations?
2. what are the identificators of currency crisis?
3. what is the essence of financial crisisies of 1997-1998?
4. Can the RUssian Financial crisis of 1998 be seen from an exchange rate point of view?
5. WHat effects did the Russian Financial Crisis of 1998 have on the exchange rate, and what were the causes of the crisis`?
6. Could the Russian Financial Crisis of 1998 have been forseen, and how did it affect the exchange rate during the period of the crisis?
7. Recommendation. When looking at the Russian Financial Crisis of 1998 from an exchange rate point of view, what lessons can be learned and what led to the crisis?
The actuality and scientific significance of the given research was caused with the fact that the Asian crisis and the more recent Russian default of 1998 and the subsequent virtual closing of international capital markets to many developing countries have been advanced and widely discussed by policy makers, in academic literature and press reports. The crisis is still evolving and it is unwise to think that all the lessons that may need to be learned have already been identified.
The Asian Crisis of 1997 and the Russian Crisis of 1998 as perhaps the most prominent cases naturally renewed interest in the study of the relevant causes, consequences, and cures for such episodes. In the wake of these recent events, one very important question has been the need and the feasibility of predicting such crises.
Purpose of Research. The given paper was aimed at deriving lessons from the Russian financial crisis through examining the root causes of macroeconomic and financial sector indicators spanning the period 1997-1999.
Subject of Research — the financial crisis in Russia of 1998.
Objects of Research. The significant variables of Russian economy at 1998 state — foreign direct investment, inflation, world oil prices, real interest rates, current account, foreign exchange reserves, stock prices, real exchange rate, and export growth were examined in the work.
Tusks of Research were:
— to study the conception of financial crisis in economics;
— to give a notion of the financial crisis of 1998 in Russia;
— to study the causes of the financial crisis of 1998 in Russia;
— to give characteristics of the currency crisis of 1998 in Russia;