Actions and Reactions of Russian Manufacturing Companies to the Crisis Shocks from 2008 – 2009: Evidence from the Empirical Survey
This chapter explores the nature of the 2008 crisis and the channels through which it affected the performance of Russian firms. Based on the findings of manufacturing industry survey, the evidence suggests that all manufacturing firms were affected by the crisis and there is no single and dominant transmission channel. Crisis reactions were significantly related to participation in international markets, although participation in trade, external borrowing or FDI can not explain recession by themselves. The reversal of growth was mainly caused by demand shock, and following that, by financial constraints. Thus hypothesis that blames overheating of internal demand in the years prior to the crisis seems to receive statistical backing. Globalised companies, thogh hit by external shocks, were better prepared to pay the cost and balance the consequences of the crisis.
The economic crisis of 2008, starting from US banking crisis, affected the economic and political developments in varied ways around the world. This edited volume examines the imact of the crisis on Eastern Europe and Russia, and the resulting policy responces. Taken as a whole, the economies of the former state social countries - frequently still referred to as transition economies - were hit hard by the crisis, suffering falls in GDP in 2009 that were deeper than the average around the world. However, there was considerable variety in the effects on individual countries, whilst some continuing to grow , others suffered quite exceptional falls in output. Policy responces were also quite diverse and do not obviously fit with the nature and severity of economic factors. The more general impacts on political life were also varied. In many cases very much the same governments continued in power, while in othere there were significant changes and signs of a growing instability in party and political structures. The articles in this book explore these differencies between countries and set them in a wider international context.
Information anf telecommunications systems paly an important role in the development of the research globalisation of research. We discuss the phenomen of the construction of the global economical and financial society, which havely depend on the IT technologies. We stress the leading role of the scientific community in that process. We present some successful stories of development and using such systems.
In March 2011 scholars met in Prague at the conference Interculturalism, Meaning and Identity. This event revitalised this important theme related to Diversity and Recognition. The terms 'interculturalism' and 'integration' are experiencing a renaissance. As the extent of human movement between nations increases attempts are made to balance cultural difference and social cohesion. In some contexts immigration and settlement policies are becoming more draconian in response. Because of this, interculturalism can take on many meanings. However, pivotal to the way interculturalism is understood is identification. As the relationship between nation, ethnicity and language becomes more complex so too do the ways in which people represent them selves. The cultural resources drawn on and the processes used to form identities are examined in this truly international collection. So too are the implications of these developments for how we theorise culture, meaning and identity.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.
The chapter describes and analyses the main challenges and issues affecting the process of development of social work as a new profession in today’s Russia. At the end of the Soviet Union, the engagement of Russia with the West increased, but still the tensions between Russia and the West exist, and at times these tensions become even stronger. It is of particular interest to explore the specific implications of these relationships for social work. Since social work’s establishment as an occupation and training programme in early 1990s, educators, students, administrators and practitioners have not only implemented several shifts in the national policy agenda but have also addressed various global influences and incorporated them into the local policy context. The development of social work is being shaped by different power relations. Looking at these power relations from three interrelated analytical perspectives- those of actors, institutions and discourses – we will consider the role of international cooperation in the field of social work. We shall refer to the qualitative interviews with social work practitioners and manaters in three social service agencies conducted drign 2011-2012 in Saratov, Russia. These services were chosed because they were a part of international projects.
The paper explores income based and non-monetary dimensions of inequality in Russia. It is argued that globalisation exacerbated inequality at least in three ways. Firstly, the adoption of global neo-liberal economic concepts resulted in an excessive reliance on market forces and a curtailment of social guarantees which produced a rise of wealth and income differentiation and undermined equality of opportunity. Secondly, the liberalisation of foreign trade and global competition gave impetus to a rapid development of the fuel sector exacerbating the structural bias in economy and wage differentiation. Thirdly, globalisation diversified employment opportunities for certain categories of workers with access to the international labour market which offered much better terms of employment as compared to Russian standards. Globalisation provided new opportunities for development and individual success but in the absence of a strong state commitment to equitable provision of social goods it is bound to exacerbate inequality problem.