Russian Abstract: Кризисные явления 2007–2009 гг. продемонстрировали, что финансовые рынки ведущих экономик мира могут быть подвержены масштабным системным потрясениям....

Analysis of fundamental factors of the CBR’s exchange rate lay at the basis of this publication. The authors review papers which address problems of index construction of real effective exchange rate as well as models of evaluation of the real equilibrium exchange rate. They also analyze...

In 2015, many countries had to deal with the weakening of their currencies. Issues regarding exchange rate management by the Central Banks have again become the focal point of heated debate. This article compares two approaches to devaluation of local currency under the pressure of external...

The Ruble exchange rate has been fluctuating hugely. The problem now is not so much the Ruble's weakness as instability of its exchange rate, volatility. The management of the Central Bank claims that stabilization of the Ruble exchange rate is not possible though it is the responsibility of the...

This paper examines the relationship between the Russian ruble/US dollar exchange rate and global oil prices using autoregressive model with Markovian regime shifts. Empirical analysis on daily data for 2009–2019 shows that exchange rate dynamics is best described by three regimes,...

The study compares the explanatory power of two alternative long-term determinants of the real effective exchange rate of the Russian ruble, oil prices and oil export revenues, in three variants of the error correction model. The linear model shows that during the period of managed nominal...

Russian Abstract: В первом квартале 2021 г. положительное сальдо торгового баланса России уменьшилось по сравнению с аналогичным периодом предыдущего года почти на треть...

Russian Abstract: В 2021 г., по предварительной оценке, сальдо счета текущих операций более чем в три раза превысило показатель предыдущего года. В том числе положительное...

Russian Abstract: Во втором квартале 2021 г, сальдо счета текущих операций составило 19,9 млрд долл. по сравнению с 1,6 млрд долл. годом ранее. Наблюдалось существенное...

In this paper we analyze the relationship between the real Russian ruble exchange rate and real oil prices using the error correction model with Markov regime switching, which allows for changes in exchange rate policy. We find that during the period 1999-2018 real exchange rate dynamics was...