Document Type

Journal article

Source Publication

Mediterranean Quarterly

Publication Date

9-1-2011

Volume

22

Issue

2

First Page

31

Last Page

44

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

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