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Russia, which trails only Saudi Arabia in oil production, saw its economic prospects firmly boosted by the run-up in crude oil prices that lasted through mid-2008. Then, during the latter half of the year, oil prices nosedived, as did Russian equity prices. The problems hit Russian financial institutions, with ratings agencies lowering their credit ratings on several Russian banks. One major Russian financial firm, Renaissance Capital, was forced to sell half its shares to a Russian oligarch to stave off fears of insolvency. Experts say Russian market woes were worsened by the country's outdated capital market structure, worries about transparency, and geopolitical unrest in the Kremlin's near abroad. Ahead of the April 2009 G-20 summit, Moscow joined France and Germany in resisting U.S. pressures to increase global stimulus expenditures, lobbying instead for a new international regulatory framework.
The following is a list of resources providing background on the Russian economy and analysis on how it might be affected by the downturn.
Sinking Stocks and a Reeling Ruble
Economics and Power
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Start-Up Nation addresses the trillion-dollar question: How is it that Israel—a country of 7.1 million, only sixty years old, surrounded by enemies— produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the UK? With the insights of geopolitical experts and investors, the authors examine this nation’s adversity-driven culture to answer this question and offer prescriptions for a global economy on the rebound.
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The report of this bipartisan Task Force of distinguished leaders and experts represents a strong consensus on the importance of repairing America's immigration policy. It makes the case that maintaining America's political and economic leadership depends on attracting talented and hard-working immigrants, and on securing the country's borders in a smart, effective, and humane way.
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