Cross-Border Transmission of Economic Crises: A Comparative Analysis of the 2008 Financial Crisis in the USA and Russia

Gleb Arinkin

Bakalářská práce

Abstract:

The global financial crisis of 2008 constitutes a critical case study in the transmission of economic shocks within integrated regions. This bachelor thesis provides a comparative analysis of crisis contagion mechanisms from two "Core" economies—the United States and the Russian Federation—to their respective "Peripheral" partners, Mexico and Armenia. Utilizing the Core-Periphery theoretical framework, the research distinguishes between two primary transmission channels: the trade dependency channel (USA–Mexico), characterized by a collapse in manufacturing exports, and the remittance dependency channel (Russia–Armenia), defined by labor market contraction and currency devaluation. The methodology combines a qualitative assessment of anti-crisis policies with a quantitative analysis of macroeconomic indicators, including GDP growth, unemployment rates, and balance of payments data from 2007 to 2012. The findings indicate that while the trade channel creates a sharper immediate decline in industrial output, the remittance channel inflicts a more direct shock on household welfare and domestic consumption. The thesis concludes by offering recommendations for increasing regional economic resilience through export diversification and the management of counter-cyclical fiscal reserves.

Keywords

Russia, Contagion, Trade, Remittances, Economic crisis, 2008, USA

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 13. 3. 2026

Obhajoba závěrečné práce

• Obhajoba proběhla 29. 5. 2026
• Vedoucí: Ing. Olga Regnerová, Ph.D.
• Oponent: Gabriela Kukalová, MBA Ph.D.

Česká zemědělská univerzita v Praze

Provozně ekonomická fakulta

Bakalářský studijní program:
Business Administration