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The Impact of the Real Ruble Exchange Rate on the Economic Activity in Russia

Author

Listed:
  • Tatiana Evdokimova

    (Gaidar Institute for Economic Policy)

  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

  • Andrei Zubarev

    (Gaidar Institute for Economic Policy)

Abstract

Research findings of the impact of the real ruble exchange rate on the economic activity in Russia turned out to be contradictory. Multiple character of connection between the exchange rate and the economic growth is explained by the presence of various channels of impact of the exchange rate on economic activity. Aggregate effect of the exchange rate on the economy is determined by a relative importance of each of the channels and can be different depending on the sector of the economy. This research deals with the analysis of the impact of the real ruble exchange rate on the Russian industry. The paper demonstrates that in Russia one can not talk about the definitive dominance of the positive and negative outcome from strengthening of the exchange rate. The authors highlight those sectors which gain and loose from strengthening of the exchange rate as well as those which do not depend on this factor.

Suggested Citation

  • Tatiana Evdokimova & Pavel Trunin & Andrei Zubarev, 2013. "The Impact of the Real Ruble Exchange Rate on the Economic Activity in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 165P, pages 164-164.
    • Handle: RePEc:gai:rpaper:123
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    References listed on IDEAS

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    Cited by:

    1. Skrobotov, Anton (Скроботов, Антон) & Fokin, Nikita (Фокин, Никита), 2018. "Testing the Asymmetric Convergence of the Real Exchange Rate to Equilibrium During the Managed Ruble Exchange Rate Regime [Тестирование Ассиметричной Сходимости Реального Обменного Курса К Равновес," Working Papers 021808, Russian Presidential Academy of National Economy and Public Administration.
    2. Knobel, Alexander, 2013. "The risks of fiscal policy in countries rich in natural resources," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 29-38, October.
    3. Skrobotov, Anton A. (Скроботов, Антон) & Fokin, Nikita D. (Фокин, Никита), 2018. "Testing Asymmetric Convergence of the Real Exchange Rate to Equilibrium During Ruble Exchange Rate Targeting [Тестирование Асимметричной Сходимости Реального Обменного Курса К Равновесному Во Время," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 3, pages 132-147, June.
    4. Mau, Vladimir & Ulyukaev, Alexey, 2015. "Global crisis and challenges for Russian economic development," Russian Journal of Economics, Elsevier, vol. 1(1), pages 4-29.

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    More about this item

    Keywords

    exchange rate; currency policy; economic activity.;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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