Risks of Foreign Financing of the Russian Economy

Abstract

The article presents a macroeconomic analysis of causes and factors of the boom in foreign financing of the Russian economy in 2006-2007. The impact of international credit crisis of the second half of 2007 on the Russian economy is analyzed. It is shown that the present levels of foreign state debt of non-financial corporations and banks is not critical, but the importance of permanent monitoring of risks of foreign financing is emphasized.