Case Study of Russian Economy

Economic activity of a country is related to its internal and external factors. Economies formulate their policies to ensure sustained growth with benefits distributed across all sections of the society is achieved. With more globalized world and enhanced participation of economies in the international markets, it becomes difficult to shell an economy from events taking place on the international stage. Economic distress in one economy tends to affect other economies related to it via trade and political ties. Similarly, growth and development of a country often spreads its positive impacts in the surrounding environment as well. Russia has experienced two economic crises in 1998 and 2008 that had different origins. Poor policies by the government, Asian currency crisis and lack of proper communication regarding future economic plans of the government slid Russia into currency crisis of 1998 (Chiodo & Owyand 2002). In 2008, the financial crisis experienced by Russia was due to a mix of international advancements and poor economic policies of the government. 
Write a paper that is designed to provide a detailed analysis of the factors causing these two crises in Russia and provide information on the extent of economic damage caused by them. Furthermore, the duration of these crises should also be explored in detail. A comprehensive analysis on the similarities and differences of these two crises, lessons learned and persistence of mistakes has to be discussed in the paper as well