20 мая 2020 г.

On May 19, CFA Association Russia invited Maxim Lapin, CFO of Moscow Exchange, to a live broadcast to discuss the issues around the sovereign debt, the cycles of recessions and comparing economic crises in different countries.

The event was simultaneously broadcasted on four different CFA Russia channels – the website, YouTube, Facebook, and the Russian social network Vkontakte. As a result, the society captured a wider audience than before.

Maxim focused on several topics, including the types of sovereign debt, countries’ monetary policies, the history of economic crises and their cycles. Ray Dalio’s book “Big Debt Crisis: Principles for Navigating,” which Maxim has read recently, motivated him to focus on the topic and share some of the subjects covered in the book with the CFA Russia community.

In Russia, people are accustomed to a certain way of understanding an economic crisis, in which a recession will be followed by high inflation rates, the depreciation of the local currency and likely a market crash. This is, however, only one of many ways in which the crisis could develop – one of the “archetypes” – as Dalio describes it in his book. In reality, each crisis can and will progress a different way, depending on a country, its economy and circumstances.

According to Maxim, the Russian government and the Central Bank are learning to deal with the recession much better than before. There are working solutions and instruments to tackle the inflation, keeping it relatively low. This means “our economy is maturing and we’re entering the transitional phase,” the speaker explained.

Although it was not a very long conversation, it was packed with information. To catch Maxim’s full presentation, as well as gain unlimited access to all videos from previous CFA Russia events and seminars, consider joining the society.


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