Document Type
Journal article
Source Publication
Mediterranean Quarterly
Publication Date
9-1-2011
Volume
22
Issue
2
First Page
31
Last Page
44
Publisher
Duke University Press
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.
DOI
10.1215/10474552-1263379
Print ISSN
10474552
E-ISSN
15271935
Publisher Statement
Copyright © 2011 by Mediterranean Affairs, Inc.
Access to external full text or publisher's version may require subscription.
Full-text Version
Accepted Author Manuscript
Language
English
Recommended Citation
Sharma, S. D. (2011). Not an exceptional country: Russia and the global financial crisis of 2008-2009. Mediterranean Quarterly, 22(2), 31-44. doi: 10.1215/10474552-1263379