Miguel Boyer Salvador, former Minister of Economy and Finance (El Pa s, 26/03/09): We are at a crucial point in the crisis: the situation in which lending is paralyzed or even shrinks. In a famous study in June 1983, Ben Bernanke, the current chairman of the Fed, showed that the Great Depression of 1929 was not the depth and duration disastrous known for lack of liquidity, as was Friedman’s thesis, but by The contraction of bank credit to businesses and individuals. This, according to Bernanke, caused the crisis in two years more than he could have lasted. 1998 currency two rubles of the Russian Federation
Russia is the second largest world producer of oil after Saudi Arabia. The specific gravity of the oil sector in the Russian economy is huge, accounting for 8 of GDP (25 according to World Bank estimates), over 50 of export value and between 25-30 of revenue from the federal budget. It is estimated that Russian oil reserves are around 4.5 of world reserves. Oil transport is organized by a state monopoly, through the Transneft company, owner of the pipeline network at the federal level. The current system has a length of 46,700 km. The export regime is not entirely free but is subject to export tariffs and a number of administrative barriers such as access to the pipeline, which allows the Government to regulate the traffic to ensure a highly effective and significant tax revenue.
The Russian Federation, is also the world’s leading producer of natural gas, owns 27.8 of proven world reserves (about 47,572 million m3). A quarter of the gas production in the global market for the Russian gas. Such reserves are sufficient to maintain production at current levels during the next 80 years. Are the huge profits from exports to Europe that allow the group to obtain benefits such as to finance their equipment in Russia.
The electricity sector in Russia is the largest in Europe and fourth largest in the world after USA, China and Japan. The total electricity generated in 2005 was 958,789 billion kWh.
The European part of Russia depends mainly on fossil sources, with the main gas source, while in the territories of Siberia and Far East rely more on coal. Nuclear electricity generated in North and Central regions of Russia. The Russian electricity network is facing problems of obsolescence, bad state of conservation, technological backwardness and failure to pay millions of consumers. The reform seeks to privatize a number of assets and introduce a wholesale energy market. It has signed agreements with other foreign investors in order to seek improvements in the efficiency of electricity generation.
The production of machinery is one of the most important Russian industries. About 23 of Russian industry belongs to this sector.
The average number of employees in this sector was 4.2 million in the year 2004. This figure is half the workforce ten years earlier, which gives an account of their great loss of significance. Overall production has declined in recent 10 years in all sectors of the industry, but from 2000 shows an increase in the production of farm machinery, light machinery and transport elements (increased by 20 in 2004) .
Due to the devaluation of the ruble in 1998, reduced the import of foreign machinery and increased production for the domestic market and other CIS countries. this is one of the modern sectors of the economy that acts as an engine for other sectors. 80 of agricultural machinery is used for over 20 years. To modernize its fleet is estimated that Russia should buy machinery worth 3,220 million dollars.
Winter Palace, residence of the Czars, the seat of government and the epicenter of the October Revolution, now the Hermitage Museum
- The Central Banks: The International and European Directions by William Frazer (Hardcover – Sep 30, 1994)
- Monitoring the European Central Bank: Report No. 1 (Monitoring European Deregulation) by David Begg, Paul De Grauwe, Francesco Giavazzi, and Charles Wylposz (Paperback – Nov 1998)
- European Monetary Union and Exchange Rate Dynamics: New Approaches and Application to the Euro by Paul J.J. Welfens (Hardcover – Dec 12, 2000) – Illustrated