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Article

Российская девальвация 2014-2015гг.: падение в пропасть или окно возможностей?

Вопросы экономики. 2015. № 12. С. 3-30.

The fall in the oil prices from mid-2014 is causing a decrease in domestic demand and a strong devaluation of the ruble, which in turn promotes the growth of the price competitiveness of Russian producers, stimulates supply side of the economy (especially in foreign markets, where there is no recession), and thus creates, the possibility of the offsetting of the fall in domestic demand due to the growth of net exports. However, as the analysis of the economic literature, the world experience and current Russian economic trends demonstrates, the joimt impact of the oil prices and ruble devaluation on the growth rates of the Russian economy, with all its structural problems, can lead to a much more severe recession than expect in their forecasts (as of the end of September 2015) majority of experts.