Russia and the Global Meltdown:Domestic and Foreign Policy Responses to the International Financial Crisis

Robert Jellinek jellinek@post.harvard.eduMarch 17, 20091

Table of Contents

1. Introduction2. THE BACKGROUND2.1Russia and the US – Political Background2.2Russia and the EU – Political Background2.3Roots of the Financial Crisis in the US Housing Bust and the Worldwide Fallout3.RUSSIA'S DOMESTIC RESPONSE TO THE FINANCIAL CRISIS3.1The Pressure on the Russian Economy3.2The Rise and Fall of Russian's Gold and Currency Reserves (and Monetary Policy)3.3The Reality of the Fallout on the Russian Economy3.3.1 Russian Firms and Business Elite3.3.2Impact on the Russian Working Classes3.3.3Impact on Executive Authority4.THE CRISIS AND RUSSIAN FOREIGN POLICY4.1The Russian Public and Russian Foreign Policy4.2Russian Foreign Policy and the Crisis4.3The Multipolar Thesis5.CONCLUSIONS3