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Putin’s Bubble Bursts
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Krugman addresses the question about the collapsing ruble in December 2014- why the extent of the collapse reflected more than the drop in oil prices? He focusses on the nature of the Russian system under Putin which is based on crony capitalism. Russian businesses borrowed heavily in dollars but generate much of their revenue in rubles, as a result the situation has imploded with the inability of these businesses to make payments as the ruble declined by about 50%. Russia has not generated trade deficits. Capital flight, money taken out of the country by oligarchs, and the nature of the borrowing in foreign currency has led to a serious compounding of the crisis.
The Russian ruble in 2010-2014
02/04/2009
Grouped Articles
Russian Ruble Slips to 7-Month Low as Investors Grow Cold
Wall Street Journal 09/23/2010
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Russia Faces Tough Fight on Ruble
Wall Street Journal 02/04/2009
Raising Stakes on Russia, U.S. Adds Sanctions
New York Times 07/16/2014
Russian Ruble Hits Fresh Record Low Against Dollar
Wall Street Journal 10/06/2014
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Russia's effort to prevent the ruble from collapsing in December 2014
12/15/2014
Russia raises interest rates by 6.5% to 17% on December 15, 2014, as the price of Brent crude drops below $60. Emerging markets see money outflows in anticipation of the the U.S. Federal Reserve raising rates in 2015, adding to pressure on the ruble. Western sanctions imposed after Russian intervention in Ukraine has reduced access to financial markets for Russian businesses that borrowed in U.S. dollars and have large payments due in 2015. The large increase in interest rates pushes Russia into a recession in 2015.
Grouped Articles
Russia Moves to Help Lift Sinking Ruble
Wall Street Journal 12/16/2014
Oil Prices Plunge With Brent Crude Below $60
Wall Street Journal 12/16/2014
Ruble Strengthens After Central Bank Acts
Wall Street Journal 12/18/2014
Russia Introduces Measures to Calm Economic Jitters
New York Times 12/17/2014
New York Times 12/18/2014
Interest Rate Raised to 17% in Russia
New York Times 12/15/2014
Russian ruble volatility in Dec 2014 and Jan. 2015
12/16/2014
Capital controls are ruled out as this could lead to more capital flight. Russian central bank reduces intervention to preserve foreign currency reserves.
Grouped Articles
Ruble Strengthens After Central Bank Acts
Wall Street Journal 12/18/2014
Russia Introduces Measures to Calm Economic Jitters
New York Times 12/17/2014
Ruble Crisis Is Testing Russia's Resources
New York Times 12/17/2014
New York Times 12/18/2014
As Ruble Falters, Russia Forces Exporters to Reduce Foreign Currency
New York Times 12/23/2014
As the Ruble Swoons, Russians Desperately Shop
New York Times 12/16/2014
The pressure on the Russian ruble in 2014-2015
10/10/2014
Weak economic conditions, capital outflows and demand from the corporate sector to repay debt, add to the pressures on the ruble in 2014.
Grouped Articles
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Russian Ruble Fall to Fresh Lows
Wall Street Journal 10/10/2014
Inflation-Racked Russia Considering Price Controls
Wall Street Journal 10/10/2014
Ruble Slide Worries Wealthy Russians
Wall Street Journal 10/11/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Wall Street Journal 11/03/2014
Actions taken by Medvedev and Putin to improve business and public confidence on Dec. 17, 2014, as the ruble hits 80 to the dollar
12/17/2014
As one Russian economic expert put it we are just days from needing external help if no serious action is taken to restore public and business confidence in the ruble. On Dec. 17, 2014, Russian leaders took action to improve confidence and the ruble recovered by 11%. The role of Kudrin, Medvedev, and other advisers from the first and second terms of Putin is increasing as Russia faces increasing economic risks and deep recession.
Grouped Articles
Russia Introduces Measures to Calm Economic Jitters
New York Times 12/17/2014
Ruble Crisis Is Testing Russia's Resources
New York Times 12/17/2014
Vladimir Putin’s Annual Year-End News Conference
New York Times 12/18/2014
New York Times 12/18/2014
As Ruble Falters, Russia Forces Exporters to Reduce Foreign Currency
New York Times 12/23/2014
Ruble’s Fall Tests Governor of Russia’s Central Bank
New York Times 02/09/2015
Putin and corruption in Russia
01/28/2009
Grouped Articles
Russian Journalists, Fighting Graft, Pay in Blood
New York Times 05/17/2010
New York Times 01/22/2014
Putinism Thrives on Dirty Money
Wall Street Journal 07/22/2014
Wall Street Journal 07/22/2014
Private Bank Fuels Fortunes of Putin’s Inner Circle
New York Times 09/27/2014
Australian Leader Serves an Unsportsmanlike Warning to Putin
New York Times 10/14/2014
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