본문 바로가기
KERD
논문KCI 등재

서방제재가 러시아 금융시장에 미친 영향: SVAR 분석

Impact of Western Sanctions on Russian Financial Markets: SVAR Analysis

민지영|Morad Bali
동유럽발칸연구소 (East European and Balkan Institute)|2023.11|동유럽발칸연구|제47권 제4호|pp. 173-213|DOI http://dx.doi.org/10.19170/eebs.2023.47.4.173

0

조회

0

다운로드

2

인용

0

참고문헌

키워드

SVAR 모형SVAR Model서방제재Western Sanctions제재지수러시아 금융시장RTSSanctions IndexRussian Financial Market
주제분류학제간연구

초록

2014년 우크라이나 사태 발발 이후 러시아는 서방으로부터 경제제재를 받기 시작했다. 시간이 지나면서 서방제재는 개인, 기관, 산업, 무역 등 다양한 부문으로 확대되었고, 2022년 러·우 전쟁 발발로 인해 서방제재는 확대 및 장기화될 것으로 전망된다. 전문가들은 서방제재가 러시아 금융시장의 불안정성 고조시키는 등 러시아 금융시장에 위험요인으로 작용한다고 평가했다. 실제로 제재가 새롭게 도입되는 시기에 러시아 금융 관련 지표들이 출렁였다. 이러한 배경에서 이 연구는 서방제재가 러시아 금융시장에 미친 영향을 분석한다. 이 연구는 2014~19년간의 서방제재를 양적으로 측정할 수 있도록 개발된 지수를 사용하여 SVAR 모형을 통해 서방제재의 직접적인 영향을 분리해 낸다는 점에서 기존 연구들과 큰 차별성을 갖는다. 분석 결과, 서방제재의 영향이 매우 미미하게 나타났는데, 그 이유로 제재지수가 포괄하는 범위가 EU 제재에 국한되며, 해당 시기 제재의 확대 속도가 비교적 완만했다는 점을 들 수 있다. 러시아 금융시장은 해당 시기에는 환율 상승, 유가 하락 등 러시아 경제 자체에서 나타나는 경기악화 요인들의 영향을 더 크게 받았던 것으로 나타났다.

Abstract

After the outbreak of the Ukraine crisis in 2014, Russia began to face economic sanctions from the West. Over time, Western sanctions have gradually expanded to various sectors such as individuals, institutions, industry, and trade. Western sanctions are expected to enlarge and prolong due to the outbreak of the Russo-U.S. war in 2022. Experts assessed those Western sanctions act as a risk factor for the Russian financial market, including increasing instability in the Russian financial market. In fact, Russian financial indicators fluctuated when new sanctions were introduced. Against this background, this study focused on the impact of Western sanctions on the Russian financial market. This study is significantly different from existing studies in that it isolates the direct impact of Western sanctions through the SVAR model using an index developed to quantitatively measure Western sanctions between 2014 and 2019. As a result of the analysis, the impact of Western sanctions was found to be very minimal. This is because the sanctions index was limited to EU sanctions, and the speed of expansion of sanctions during that period was relatively slow. The Russian financial market was found to have been more affected by factors indicating economic downturn such as an increase in the exchange rate and a decline in oil prices during that period.

참고문헌 (146)

  1. 강기춘, "경기변동의 이론 및 실증연구방법에 관한 고찰", 제주대학교 논문집, pp.221~239 (1994)
  2. 곽노선, "이전지출 및 정부지출의 장단기 경제적 효과: 장기식별조건을 이용한 구조형 VAR모형", 재정학연구, 7(4), pp.41~82 (2014), 한국재정학회
  3. 김명직, "금융시계열분석", pp.257~288 (1998), 경문사
  4. 유가변동충격의 파급경로에 대한 연구, "김영덕", 에너지경제연구원, 1~93, pp.연구보고서 02-07 (2002)
  5. 김윤영, "글로벌 구조 VAR 모형을 이용한 해외충격의 파급효과 분석", 경제학연구, 57(2), pp.5~37 (2009), 한국경제학회
  6. 문권순, "벡터자기회귀모형의 이해", 통계청 통계분석연구, 2(1), pp.23~56 (1997)
  7. 박준서, "글로벌 금융위기 전후의 통화정책과 거시경제변수 간의 구조적 관계 비교", 경제연구, 39(1), pp.229~253 (2021), 한국경제통상학회
  8. 박추환, "출산, 고용, 성장 간 상호연관성 연구:구조적VAR모형을 중심으로", 노동정책연구, 8(1), pp.1~26 (2008), 한국노동연구원[DOI]
  9. 서영일, "공적분 검정을 이용한 도루묵 어획량과 시장가격 간의 관계분석", 수산해양기술연구, 50(4), pp.502~510 (2014), 한국수산해양기술학회
  10. 서유정, "미국 통화정책, 중앙은행 정보 및 금융 충격이 국내 거시경제에 미치는 영향: 내러티브 부호 제약 SVAR 모형", 시장경제연구, 51(1), pp.49~70 (2022), 지암남덕우경제연구원[DOI]
  11. 신동화, "해외직접투자와 수출간의 시계열 분석", East Asian Economic Review, 3(3), pp.71~99 (1999), 대외경제정책연구원[DOI]
  12. 이근영, "국제금융시장 충격이 국내금융시장 변동성에 미치는 영향", 금융연구, 24(4), pp.49~85 (2010), 한국금융학회
  13. 이영수, "한국의 주택가격과 거시경제: SVAR 분석", 부동산학연구, 14(3), pp.129~147 (2008), 한국부동산분석학회
  14. 전찬영, "Structural VAR모형을 이용한 건화물 운임시장의 특성 분석", 해양정책연구, 12(1), pp.185~203 (1997)
  15. 주상영, "통화정책의 효과: 구조적 VAR 모형의 식별문제를 중심으로", 금융학회지, 5(3), pp.117~125 (2000)
  16. 자본유입과 물가상승률 간의 동태적 상관관계 분석 : 아시아의 8개국 소규모 개방경제를 중심으로, "최영준", 1~32, pp.BOK 경제연구 2020-28 (2020)
  17. ACRA, "Changing economic policy is a main channel of sanctions’ influence on the Russian economy", 1~11 (2018)
  18. Afanasyev, D. O., "Strength of words:Donald Trump’s tweets, sanctions and Russia’s ruble", Journal of Economic Behavior & Organization, 184, pp.253~277 (2021)
  19. Afesorgbor, S. K., "The impact of economic sanctions on international trade:How do threatened sanctions compare with imposed sanctions?", European Journal of Political Economy, 56, pp.11~26 (2019)
  20. Ahn, D. P., "The sword and the shield: The economics of targeted sanctions", European Economic Review, 130, pp.1~20 (2020)
  21. Sanction-proof or sanction-hit, "Akhvlediani, T.", 1~14, pp.CEPS policy insights (2022), no. 2022-10
  22. Aleksashenko S., "The dust has settled. The Russian economy and sanctions:Who’s who?", Free Russia Foundation, 2~20 (2022)
  23. Andrievskaya, I., "Market Discipline in the Interbank Market Evidence from Russia", Eastern European Economics, 53(2), pp.69~98 (2015)
  24. Ankudinov, A., "Sanctions and the Russian stock market", Research in International Business and Finance, 40, pp.150~162 (2017)
  25. Ashley, R. A., "To difference or not to difference : a Monte Carlo investigation of inference in vector autoregression models", International Journal of Data Analysis Techniques and Strategies, 1(3), pp.242~274 (2009)
  26. Assessing the impact of international sanctions on Russian oil exports, "Babina, T.", 2~26, pp.CEPR Discussion Paper No. 17957 (2023)
  27. Bali, M., "Methodological Limitations of the Literature in the Study of Economic Sanctions, the Ukrainian Crisis Case", Data Science, International Scientific and Practice Conference Contribution papers, pp.55~54 (2020)
  28. Bali, M., "The Impact of Economic Sanctions on Russia and its Six Greatest European Trade Partners", Финансыибизнес, 14(2), pp.45~67 (2018)
  29. Bali, M., "How to simulate international economic sanctions : A multipurpose index modelling illustrated with EU sanctions against Russia", International Economics, 168, pp.25~39 (2021)
  30. Bapat, N. A., "Determinants of sanctions effectiveness : Sensitivity analysis using new data", International Interactions, 39, pp.79~98 (2013)
  31. Sanctions and counter-sanctions: What did they do?, "Barseghyan, G.", 3~20, pp.BOFIT Discussion Papers 24 (2019), 2019
  32. Belin, M., "Which sanctions matter? Analysis of the EU", Russian sanctions of 2014, 2021, pp.49(2021), 244~257
  33. Bergeijk, P. A. G. V., "Success and Failure of Economic Sanctions", Kyklos, 42(3), pp.385~404 (1989)
  34. Energy sanctions and Russia’s democracy –autocracy a dynamic VAR analysis, "Bergeijk, P.", International Institute of Social Studies, 5~20, pp.International Institute of Social Studies Working Paper no. 703 (2022)
  35. Alternative Explanations of the Money-Income Correlation, "Bernanke, Ben S", National Bureau of Economic Research, 1~41, pp.NBER Working Papers 1842 (1842)
  36. Besedes, T., "You’re banned! The effect of sanctions on German cross-border financial flows", Economic Policy, 32(90), pp.263~318 (2017)
  37. Biglaiser, G., "The effects of economic sanctions on targeted countries’ stock markets", International Interactions, 46(4), pp.526~546 (2020)
  38. Blokhina, T. K., "The Relationship between Oil Prices and Exchange Rate in Russia", International Journal of Energy Economics and Policy, 6(4), pp.721~726 (2016)
  39. Bloomberg, "Russia Insight: Crippling Sanctions? No, But Economy is Bruised", ~ (2018)
  40. Bonetti, S., "Distinguishing characteristics of degrees of success and failure in economic sanctions episodes", Applied Economics, 30(6), pp.805~813 (1998)
  41. The impact of the war on Russian imports: a synthetic control method approach, "Borin, A.", ~, pp.ZBW Working Paper:1-13 (2022)
  42. Brooks, C., "Introductory Econometrics for Finance", pp.293~295 (2008), Cambridge University Press
  43. Caruso, R., "The impact of international economic sanctions on trade : An empirical analysis", Peace Economics, Peace Science and Public Policy, 9(2), pp.2~20 (2003)
  44. Chepeliev, M., "Cutting Russia’s fossil fuel exports : Short-term economic pain for long-term environmental gain", World Econom, 45(11), pp.3314~3343 (2022)
  45. The effects of monetary policy shocks: some evidence from the flow of funds, "Christiano, L. J.", National Bureau of Economic Research, 16~33, pp.NBER Working Papers No. 4699 (1994)
  46. The Eurasian roundabout : Trade flows into Russia through the Caucasus and Central Asia, "Chupilkin, M.", 2~18, pp.EBRD Working Paper 276 (2023)
  47. Cooley, T. F., "A theoretical Macroeconometrics: A Critique", Journal of Monetary Economics, 16(1985), pp.283~388 (1985)
  48. Crozet, M., "Friendly fire: The trade impact of the Russia sanctions and countersanctions", Economic Policy, 35(101), pp.97~146 (2020)
  49. Dai, M., "Research Handbook on Economic Sanctions", pp.411~437 (2021), Edgar Elgar Publishing
  50. The impact of the Ukraine crisis on international trade, "Darvas, Z.", 1~31, pp.Bruegel Working Paper 20 (2022), 2022
  51. Demena, B. A., "Research Handbook on Economic Sanctions", pp.125~150 (2021), Edgar Elgar Publishing
  52. Demertzis, M., "How have sanctions impacted Russia?", Bruegel Policy Contribution 18, 2022, pp.2~17
  53. Diaconaşu, D. E., "The reaction of financial markets to Russia’s invasion of Ukraine: evidence from gold, oil, bitcoin, and major stock markets", Applied Economics letters, pp.1~5 (2022)
  54. The economic impact of conflict-related and policy uncertainty shocks: the case of Russia, "Diakonova, M", 69~90, pp.Banco de Espana Working Paper No. 2242 (2022)
  55. The Ruble between the hammer and the anvil: Oil prices and economic sanctions, "Dreger, C.", Deutsches Institut für Wirtschaftsforschung (DIW), 1~29, pp.DIWDiscussion Papers No. 1488 (2015)
  56. Dreger, C., "Between the hammer and the anvil : The impact of economic sanctions and oil prices on Russia’s ruble", Journal of Comparative Economics, 44(2), pp.295~308 (2016)
  57. Du, X., "Multinationals, global value chains and the welfare impacts of economic sanctions", Economic Letters, 220(c), pp.110870~ (2022)
  58. Dubinin, S. D., "Russia’s Financial System under Sanctions : Logic of Confrontation", Russia in global affairs no, (4), pp.82~102 (2022)[DOI]
  59. Early, B., "Busted sanctions: Explaining why economic sanctions fail" (2015), Stanford University Press
  60. Evenett, S., "Making Moscow pay. How much extra bite will G7 & EU trade santions have?", Gallen Endowment for Prosperity through Trade Brief, 1~8 (2022)
  61. Fedorova, E. A., "The Analysis of Sanctions’ Influence on Russian Stock Market Based on Sanction Index Development", Journal of Siberian Federal University. Humanities & Social Sciences, 12, pp.2155~2169 (2019)
  62. Felbermayr, G., "Cutting through the value chain: the long-run effects of decoupling the East from the West", Empirica, 50, pp.75~108 (2023)
  63. Effectiveness of U.S. sanctions targeting Russian companies and individuals, "Free Russia Foundation", Free Russia Foundation, 6~62 (2023)
  64. Russian Economy in 2018: Trends and Outlooks. Issue 40, "Gaidar Institute for Economic Policy", 152~156 (2019)
  65. Girardone, C., "Russian sanctions and the banking sector", British Journal of Management, 33, pp.1683~1688 (2022)
  66. Gould-Davies, N., "Economic effects and political impacts: Assessing Western sanctions on Russia", 5~20, pp.BOFIT Policy Brief 8 (2018)
  67. Gurvich, E., "The impact of financial sanctions on the Russian economy", Russian Journal of Economic, 1(4), pp.359~385 (2015)
  68. The economic effects of international sanctions: An event study, "Gutmann, J.", 2~15, pp.CESifo Working Paper No 9007 (2021)
  69. Harrison, M., "Sanctions aren’t working", Hoover Digest, 3, pp.146~151 (2015)
  70. Hatipoglu, E., "Economic Sanctions and Banking Crises in Target Economies", Defense and Peace Economics, 29(2), pp.171~189 (2018)
  71. On the design of effective sanctions: The case of bans on exports to Russia, "Hausmann, R.", Harvard University, 1~38, pp.CID Faculty Working Paper 417 (2022)
  72. Hoffmann, M., "The pro-Russian conflict and its impact on stock returns in Russia and the Ukraine", International Economics and Economic Policy, 14, pp.61~73 (2017)
  73. HSE, "Во что нам обойдутся санкции", Комметарии о государстве и бизнесе, (151), pp.2~3 (2018)
  74. Economic Sanctions Reconsidered, "Hufbauer, G. C.", Peterson Inst for International Economics, 1~178 (2009)
  75. The impact of foreign sanctions on firm performance in Russia, "Huynh, T. L. D.", 2~38, pp.CEPR Discussion Paper 17415 (2022)
  76. Russian Federation 2015 Article IV Consultation – Press Release and Staff Report, "IMF", 4~44, pp.IMF Country Report No. 15 (2015), 211
  77. Russian Federation 2019 Article IV Consultation – Press Release and Staff Report, "IMF", 4~36, pp.IMF Country Report No. 19 (2019), 260
  78. Jentleson, B. W., "Sanctions", pp.1~198 (2022), Oxford University Press
  79. Johansen, S., "Statistical Analysis of Cointegration Vectors", Journal of Economic Dynamics and Control, 12, pp.231~254 (1988)
  80. Kabdygaliev, D., "Features of the application of the sanctions of the United States of America regarding Iran", Journal of Philosophy, Culture and Political Science, 68(2), pp.242~250 (2019)
  81. Kapustin, N. O., "A long-term outlook on Russian oil industry facing internal and external challenges", Oil & Gas Science and Technology – Revue D’IFP Energies Nouvelles, 74(72), pp.1~11 (2019)[DOI]
  82. Kauffmann, M., "Quelles bases de données pour les recherches sur la non-violence?", Recherches Internationales, 126(1), pp.91~106 (2023)
  83. Kholodilin, K., "Crimea and punishment : the impact of sanctions on Russian economy and economies of the euro area", Baltic Journal of Economics, 19(1), pp.39~51 (2019)
  84. Korhonen, I., "Sanctions and counter-sanctions – What are their economic effects in Russia and elsewhere?", BOFIT Policy Brief 2, 2019, pp.4~10 (2019)
  85. Korhonen, I., "Sanctions, counter-sanctions and Russia: Effects on economy, trade and financem", 4~22, pp.BOFIT Policy Brief 4 (2018), 2018
  86. Do sanctions affect growth?, "Kwon, O.", 1~29, pp.CESifo Working Paper No. 9818 (2022)
  87. Lainela, S., "Russian financial markets and monetary policy instruments", BOFIT online, 2012(3), pp.4~21 (2012)[DOI]
  88. Lektzian, D., "Investment, opportunity and risk: Do US sanctions deter or encourage global investment?", International Studies Quarterly, 57(1), pp.65~78 (2013)
  89. Lowenfeld, A. F., "International Economic Law" (2008), Oxford University Press
  90. Lütkepohl, H., "International Encyclopedia of Statistical Science", pp.1645~1647 (2011), Springer
  91. Mahlstein, K., "Estimating the economic effects of sanctions on Russia:An allied trade embargo", World Economy, 45(11), pp.3344~3383 (2022)
  92. Sorry, you’re blocked. Economic effects of financial sanctions on the Russian economy, "Mamonov, M.", 2~42, pp.CERGE-EI Working Paper 704 (2021)
  93. Crime and Punishment? How Russian banks anticipated and dealt with global financial sanctions, "Mamonov, M.", 2~55, pp.CEPR Discussion Paper 16075 (2021)
  94. Mirkina, I., "FDI and sanctions: An empirical analysis of short- and long-run effects", European Journal of Political Economy, 54, pp.198~225 (2018)
  95. Morgan, T. C., "The threat and imposition of sanctions: Updating the TIES dataset", Conflict Management and Peace Science, 31(5), pp.541~558 (2014)
  96. Morgan, T. C., "Economic sanctions : Evolution, consequences and challenges", Journal of Economic Perspectives, 37(1), pp.3~30 (2023)
  97. Mulder, N., "The Economic Weapon", pp.1~298 (2022), Yale University Press
  98. Naidenova, J., "The Reaction of Russian Public Companies’Stock Prices to Sanctions Against Russia", Journal of Corporate Finance Research, 12(2), pp.1~12 (2018)
  99. Neuenkirch, M., "The impact of UN and US economic sanctions on GDP growth", European Journal of Political Economy, 40, pp.110~125 (2015)
  100. Sanctions and misallocation. How sanctioned firms won and Russia lost, "Nigmatulina, D.", Centre for Economic Performance, LSE, 1~54, pp.CEPR Discussion Papers dp1886 (2022)
  101. Nivorozhkin, E., "Russian stock market in the aftermath of the Ukrainian crisis", Russian Journal of Economics, 2(1), pp.23~40 (2016)
  102. Ono, S., "Causality Relationship among Oil Price, Stock Index and Exchange Rate: Evidence from Russia", Acta Slavica Iaponica, pp.87~107 (2014)
  103. Ono, S., "Financial development and economic growth nexus in Russia", Russia Journal of Economics, 3, pp.321~332 (2017)
  104. Panibratov, A., "Sanctions, cooperation, and innovation : Insights into Russian economy and implications for Russian firms", BRICS Journal of Economics, 2(3), pp.4~26 (2021)
  105. Phillips, P. C., "Multiple time series regression with integrated processes", The Review of Economic Studies, 53(4), pp.473~495 (1986)
  106. Portela, C., "Evaluating EU sanctions against Russia after the invasion of Ukraine", European Union Institute for Security Studies Brief 11, 1~7 (2022)
  107. Rautava, J., "The role of oil prices and the real exchange rate in Russia’s economy—a cointegration approach", Journal of Comparative Economics, 32(2), pp.315~327 (2004)
  108. Rutland, P., "Russia as an Energy Superpower", New Political Economy, 13(2), pp.203~210 (2008)
  109. Sabitova, N., "Oil and Gas Revenues of the Russian Federation: Trends and Prospects", Procedia Economics and Finance, 27, pp.423~428 (2015)
  110. Schmidbauer, H., "The Russian Stock Market during the Ukrainian Cisis : A Network Perspective", Journal of Economics and Finance, 66, pp.478~509 (2016)
  111. Shida, Y., "Russian business under economic sanctions: is there evidence of regional heterogeneity?", Post-Communist Economies, 32(4), pp.447~467 (2019)
  112. Simola, H., "Trade sanctions and Russian production", BOFIT Policy Brief 4, 2022, pp.4~8 (2022)
  113. Simola, H., "Can Russia reorient its trade and financial flows?", BOFIT Policy Brief 7, 2022, pp.4~20 (2022)
  114. Sims, C. A., "Macroeconomics and Reality", Econometrica, 48(1), pp.1~33 (1980)
  115. Sims, C. A., "Inference in linear time series models with some unit roots", Econometrica: Journal of the Econometric Society, pp.113~144 (1990)
  116. The Response of Russian Security Prices to Economic Sanctions: Policy Effectiveness and Transmissions, "Stone, M.", Office of the Chief Economist, US Department of State, 3~22 (2017)
  117. Sultonov, M., "The Impact of International Sanctions on Russian Financial Markets", pp.1~14 (2020), MDPI
  118. Tyll, L., "The Impact of economic sanctions on Russian economy and the RUB", USD exchange rate, 2018, pp.11, 21~33
  119. Report of the Special Rapporteur on the negative impact of unilateral coercive measures on the enjoyment of human rights, on his mission to the Russian Federation, "UN Human Rights Council", 9~12, pp.A (2017), HRC[DOI]
  120. Vercueil, J., "The impact of sanctions on the Russian economy. Assessing the consequences of the Ukrainian conflict", Note from the Observatoire franco-russe no 9, 23~ (2014)
  121. Weber, P. M., "Post-Cold War sanctioning by the EU, the UN, and the US: Introducing the EUSANCT Dataset", Conflict Management and Peace Science, 39(1), pp.97~114 (2022)
  122. Финансовый рынок: Новые задачи в современных условиях, "Банк России", 1~27 (2022)
  123. Дробышевский С. М., "Перспективы создания международного финансового центра в Российской Федерации", Институт Гайдара Москва Научные труды, 139, pp.5~98 (2010)
  124. Омельченко А. Н, "Оценка влияния санкций на стоимость финансирования предприятий в России", Экономический анализ: теория и практика, 10(2016), pp.4~16 (2016)
  125. Омельченко А. Н., "Модель индекса интенсивностисанкций (на примереРоссии)", Национальные интересы: приоритеты ибезопасность, 14(1), pp.62~77 (2018)
  126. "The impact of uncertainty on investment by Russian firms: A parable from 2014" (2022)[URL]
  127. Hana Attia, "The termination of international sanctions: explaining target compliance and sender capitulation", European Economic Review, 129, pp.103565~ (2020), Elsevier BV[DOI]
  128. "Companies under EU and U.S. sanctions on Russia 2021" (2023)[URL]
  129. "Troubled Times: Stagnation, Sanctions and the Prospects for Economic Reform in Russia" (2015)[URL]
  130. Gabriel Felbermayr, "The global sanctions data base", European Economic Review, 129, pp.103561~ (2020), Elsevier BV[DOI]
  131. Gabriel Felbermayr, "Understanding economic sanctions: Interdisciplinary perspectives on theory and evidence", European Economic Review, 135, pp.103720~ (2021), Elsevier BV[DOI]
  132. SVAR models and the short-run resilience effect, "Guay, A.", OECD, ~ (2023)
  133. Hufbauer, C. G., "What’s new in economic sanctions?", European Economic Review, 130, pp.103572~ (2020)
  134. Li, Q., "Empirical Research on the Influence of International Crude Oil price fluctuation on Russian Exchange Rate", SHS Web of Conferences, 96, pp.04006~ (2023)
  135. "The price of war: Macroeconomic effects of the 2022 sanctions on Russia" (2022)[URL]
  136. "Business Retreats and Sanctions Are Crippling the Russian Economy" (2022)[URL]
  137. João Sousa, "Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers", SSRN Electronic Journal (2007), Elsevier BV[DOI]
  138. "AI dashboard provides consolidated Russia sanctions data"[URL]
  139. "Strength in unity: The economic cost of trade restrictions on Russia" (2022)[URL]
  141. "Санкции и Структурная Перестройка" (2022)[URL]
  144. "Стратегия развития финансового рынка Российской Федерации на период до 2020 года" (2008)[URL]
  145. "Стратегия развития финансового рынка до 2030 год а" (2022)[URL]
  146. "Проблемы и перспективы развития рынкароссийских еврооблигаций" (2021)[URL]

관련 논문AI추천

서방제재가 러시아 주요기업의 활동에 미친 영향 분석: 25개 상장기업을 중심으로민지영동유럽발칸연구소 · 동유럽발칸연구2024 · 제48권 제3호미국과 서방의 대러시아 경제제재와 실효성 분석김병훈, 김영식러시아연구소 · 러시아연구2023 · 제33권 제2호경제 제재와 러시아 경제의 변화김상원동유럽발칸연구소 · 동유럽발칸연구2019 · 제43권 제3호우크라이나 전쟁 이후 서방의 금융제재에 대한 러시아의 대응 금융제재 조치와 대외 금융협력 정책 연구조영관아태지역연구센터 · 중소연구2023 · 제46권 제4호러시아 금융시장과 국제유가의 상호연관성에 관한 연구: 그랜저 인과성 검증을 중심으로백재승, 염명훈, 정만성한국기업경영학회 · 기업경영연구2018 · 제25권 제2호러시아 금융산업의 경제기여도 변화: 산업연관표 분석을 중심으로민지영동유럽발칸연구소 · 동유럽발칸연구2023 · 제47권 제1호

이 간행물의 다른 논문 (6건)

글라스노스티와 검열: 알렉산드르 2세 통치 초기의 양상김용환pp. 3-30크리스마스이브 밤의 연대기: 키에슬로프스키 감독의 <십계 3> 연구김희정pp. 31-4720세기 초 『예술 세계』의 미학논쟁: 댜길레프와 레핀의 논쟁을 중심으로문준일pp. 49-75루마니아 설화에서 카이로스(Καιρός)의 전개 양상: 고대 신화와 크리스트교의 융합 양상을 통하여백승남pp. 77-94우크라이나 전쟁 포스터의 예술적 표현 기법과 시각적 수사홍석우pp. 95-138
원문 보기