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The Global Financial Crisis and Its Effect on Russia

The article examines the causes of the origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007-8 to deal with the crisis. It considers the effects of the financial crisis on Russia's economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The article describes the measures used by the Russian government and the Central bank to support the real economy.