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Global financial crisis and its impacts on the economy of the Russian Federation
Bolotov, Ilya ; Štěrbová, Ludmila (advisor) ; Petříček, Václav (referee) ; Baláž, Peter (referee) ; Fingerland, Jaroslav (referee)
The thesis describes and analyses the problem of the global financial and economic crisis and its influence on the Russian economy. It constitutes a synthesis of main approaches to the crisis' examination from the years 2008-2011 and develops its own theoretical model for explaining the crisis' emergence and spreading in an open economy, and also analyses in detail the state of the Russian economy and anti-crisis measures. The thesis is based on assumptions that the crisis could have been explained and foreseen theoretically with the help of macroeconomic models, that the anti-crisis policy was in majority of cases inefficient, and that the problems of the Russian economy were caused not only by the global recession, but also by its internal imbalances. On the methodological side, the thesis is based on the ideas of the Austrian and Keynesian economics (the Austrian business cycle model and post- and neo-Keynesian branches) and the financial crises economics and partly on selected thoughts of the Marxian economics, and is divided into four chapters. In the first chapter, the attention is given to the four main heterodox theoretical approaches to explaining financial and economic crises and to the development of a synthetic model. In the second chapter, the reasons, course and main previsions of the U.S. and global crisis are examined and the synthetic model from the first chapter is empirically tested. In the third chapter, the degree of the crisis' influence on different groups of countries is estimated, followed by a description of its main transmission channels and an analysis of anti-crisis measures at the global level. The fourth chapter is dedicated to the specifics of the Russian economy, its development during the crisis and to the anti-crisis policy of the Russian government and of the Central Bank of Russia. The thesis attempts to fill the gap in the existing economic literature by presenting new findings in the above-mentioned areas.
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