The Impact of the 2014-2016 Russian Financial Crisis on Remittances, Consumption, and Credit: The Case of Kyrgyzstan

International Trade, Finance, and Development master project by Rachel Breaks, Clément Durif, Peiyao Sun, and Joule Voelz ’22

Life in the Kyrgyz mountains. A family works and plays outside on a vast, green plain with rolling hills and mountains in the background under a blue sky dotted with fluffy white clouds. The family is in front of a white canopy tent and a beige dome hut, and a few horses graze around them.
Photo by Oziel Gómez on Unsplash

Editor’s note: This post is part of a series showcasing Barcelona School of Economics master projects. The project is a required component of all BSE Master’s programs.


In this paper we consider the negative medium-term impact of the Russian Financial Crisis of 2014-2016 on remittances, consumption patterns, and credit in the Kyrgyz Republic.

Using panel data from the Life in Kyrgyzstan survey, we show a significant drop in migration to Russia and remittances from Russia on the extensive and intensive margins.

Households with a migrant abroad in Russia just prior to the crisis experience an average fall in real per capita income and an increase in poverty, while households both with and without a migrant rebalance their consumption basket to cope with the economic downturn.

Connect with the authors

Author info is current as of February 2023.

  • Rachel Breaks ‘22 is from Manchester, UK. She now works for the UK Government on international trade strategy with Latin America and the Caribbean.
  • Clément Durif ‘22 is from Nice, France. He now works at Asia Centre, a Paris-based think tank specializing in international relations.
  • Peiyao Sun ‘22 is from Hangzhou, ZJ (China). She is a pre-doctoral fellow at the ETH-Zurich in Zurich, Switzerland.
  • Joule Voelz ’22 is from San Francisco, CA (USA). She is a Data Science Methodology student at the Barcelona School of Economics.

About the BSE Master’s Program in International Trade, Finance, and Development