Date: 8 months ago   Category: Economy

"Black Monday": what lessons Russia has learned from crisis of 1998 - RIA Novosti, 8/16/2018


MOSCOW, 16 Aug — RIA Novosti. Low level of a public debt, the weighed budgetary policy and formation of a safety cushion for rainy day — the main lessons of an economic crisis in Russia of 1998, the experts interviewed by RIA Novosti on the eve of the 20 anniversary of дефолта.CC BY 2.0/Paul Savala/Treasury Department Portfolio of the American national debt at Russia consider I have made 14,9 billion dollarovona are unanimous that without watching a geopolitical background, difficult for Russia, the crash of a financial system comparable to consequences of "black Monday", now is impossible. The economic crisis of 1998 became one of the heaviest in the history of the country, it became ripe several years. The Government of the Russian Federation burdened by the Soviet obligations didn't cope with the huge level of a national debt, has been forced to start a pyramid of state treasury bills (state treasury bills). Have aggravated a situation that year crisis of Asian economies and a collapse in prices for oil — a basis of export of Russia. As a result of August 17, 1998 the government and the Central bank announced a technical default on main types of the state securities — for the first time in world history the state has declared a default on the internal debt nominated in national currency. For Russians that year was for a long time remembered by quadruple devaluation of ruble, loss of savings in banks and RIA Novosti / Mikhail Voskresensky to Pass with galloping inflation.© into an image bank of the MFA has hoped for recession of a wave of escalation trade войнПо to opinion of the expert of group of researches and forecasting of the ACRE Dmitry Kulikov, crisis of 1998 in size of the shocks which have provoked him was comparable since last two (2008 and 2014-2015), but was felt more sharply because "I have found society in the middle of Post-Soviet transformation", and many weren't ready to him. "Since then the economy has changed considerably, more complex and civilized market institutes have appeared. It is visible how the share of shadow economy has decreased (by different estimates, approximately from 40% to 10-15%) and unemployment, the capacities which have dropped out after disintegration of production chains in the industry have been started again, inflation has cardinally decreased" — Kulikov has told RIA Novosti. © RIA Novosti / Anton Denisov to Pass into an image bank Month after the WC in Russia: growth of economy, tourism and others a gorizontysovetnik of Institute of modern development Nikita Maslennikov considers that the Russian authorities have drawn conclusions from crisis of 1998. Level of an external national debt in recent years has significantly decreased, the Ministry of Finance regulates also policy of internal loans much more rigidly. "I don't see any risks of a sovereign default in the short term because him it is simple there is nothing to undertake. The volume of an external debt rather small, corporate — is higher, but too under effective management" — Maslennikov is sure. "According to debt obligations the state now, really, has good margin of safety. Lower inflation has lowered interest rates and has increased the capacity of the domestic debt market. Debt now significantly Bol

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