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

Sharply lower oil prices and geopolitical tensions/sanctions have slowed economic activity in Russia with negative spillover effects for neighboring economies.
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Volume/Issue: Volume 2015 Issue 013
Publication date: November 2015
ISBN: 9781513571348
$20.00
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Topics covered in this book

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Investments and Securities-General , Economics- Macroeconomics , Money and Monetary Policy , DPPP , DP , Russia , exchange rate , dollar , CIS country , CIS oil importer , import ban , growth slowdown , exchange rate depreciation , growth shock , Spillovers , Oil prices , Exchange rates , Currencies , Depreciation , Baltics , Eastern Europe , Global

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.