The Spillover Effects of Russia’s Economic Slowdown on Neighboring Countries

By Ara Stepanyan, Agustin Roitman, Gohar Minasyan, Dragana Ostojic, Natan P. Epstein

November 11, 2015

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Ara Stepanyan, Agustin Roitman, Gohar Minasyan, Dragana Ostojic, and Natan P. Epstein The Spillover Effects of Russia’s Economic Slowdown on Neighboring Countries, (USA: International Monetary Fund, 2015) accessed September 19, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) and, to a lesser extent, on Baltic countries. The spillovers to eastern Europe have been limited. The degree of impact is commensurate with the level of these countries’ trade, remittances, and foreign direct investment (FDI) links with Russia. So far, policy action by the affected countries has focused on mitigating the immediate consequences of spillovers.

Subject: Currencies, Depreciation, Exchange rates, Financial sector policy and analysis, Foreign exchange, Money, National accounts, Oil prices, Prices, Spillovers

Keywords: Baltics, CIS country, CIS oil importer, Currencies, Depreciation, Dollar, DP, DPPP, Eastern Europe, Exchange rate, Exchange rate depreciation, Exchange rates, Global, Growth shock, Growth slowdown, Import ban, Oil prices, Russia, Spillovers

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2015/013
Stock No:

SERESNCEA
ISBN:

9781513571348
ISSN:

2616-5333

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