Between crises and sanctions: economic policy of the Russian Federation

This paper examines the root causes and features of crises of the Russian economy in 2014-2015 as a combination of structural and institutional problems, as well as cyclical and external shocks. The demand-side model of economic growth based on massive windfall revenue from oil and gas exports from...

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Bibliographic Details
Published in:Post-Soviet affairs 2016-07, Vol.32 (4), p.350-377
Main Author: Mau, Vladimir
Format: Article
Language:English
Subjects:
20th century
crisis
Economic crisis
Economic development
Economic growth
Economic models
Economic policy
Economic stabilization
Exports and imports
globalization
Industrialization
Liberalization
macroeconomic stabilization
Macroeconomics
Mobilization
Modernization
new normal
Petroleum
Property rights
Revenue
Russia
Sanctions
Studies
Supply-side economics
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Summary:This paper examines the root causes and features of crises of the Russian economy in 2014-2015 as a combination of structural and institutional problems, as well as cyclical and external shocks. The demand-side model of economic growth based on massive windfall revenue from oil and gas exports from the 2000s is now exhausted, and the country needs to shift to a new, supply-side model of growth. Mobilization and liberalization are discussed as two key economic policy alternatives. The analysis includes historical retrospection, which provides some important lessons from economic developments in the twentieth century: the Great Depression and the period of stagflation, the Soviet industrialization debate and perestroika, and the New Economic Policy in the USSR and the contemporary modernization of China. Special attention is paid to the mechanisms of economic growth acceleration in present-day Russia. They include macroeconomic stabilization, structural and institutional reforms based on liberalization of economic activity, and guarantees of property rights.
ISSN:1060-586X
1938-2855
DOI:10.1080/1060586X.2015.1053723