The Impact of the Real Ruble Exchange Rate on the Economic Activity in Russia

Research findings of the impact of the real ruble exchange rate on the economic activity in Russia turned out to be contradictory. Multiple character of connection between the exchange rate and the economic growth is explained by the presence of various channels of impact of the exchange rate on economic activity. Aggregate effect of the exchange rate on the economy is determined by a relative importance of each of the channels and can be different depending on the sector of the economy. This research deals with the analysis of the impact of the real ruble exchange rate on the Russian industry. The paper demonstrates that in Russia one can not talk about the definitive dominance of the positive and negative outcome from strengthening of the exchange rate. The authors highlight those sectors which gain and loose from strengthening of the exchange rate as well as those which do not depend on this factor.