Polyakov, E.N. On the issue of the causes of financial crisis of 2008 – 2010 and its consequences for the macro-prudential politics.

Abstract: The topicality of this article is due to the fact that in three years after the sharpest phase of global financial crisis, we finally understand its nature, and we can evaluate the activities of the monetary government of states at the time of crisis, to compare the monetary politics of Russia and other developing states, and to understand whether the Central Bank and Government of Russia drew the right conclusions from the situation. Therefore, this article devoted to the analysis of inß uence of instability onto the global financial market on the economies of the developing states, and the analysis of the prerequisites for the higher or lower vulnerability of financial systems in the developing states in the global economic crisis of 2008 – 2010. In particular, the author analyzes the causes and effects of the global financial crisis on the economies of developing states including Russia. The author also pays much attention to the inß uence of the global financial crisis on the economies of two groups of developing states – the South-Eastern Asian states and the states of Central and Eastern Europe. The results of this study may be used for the further economic research, and they help to explain the dynamics of the key macroeconomic characteristics of the Russian Federation during the sharp period of crisis. The author offers the analysis of vulnerability level of the Russian economy in cases of lacking stability of global financial markets at the present time.

Keywords: