Global crisis forms new economic policy agenda which raises new questions for economic theory and economic thinking. This paper deals with these new intellectual challenges. Among them: growth theory and the risks of secular stagnation, unconventional macroeconomic policy and the prospects trends, the paper discusses the roots and features of current Russian economic problems, compares the includes the effects of sanctions against Russia on the current economic situation and the structural problems that slow down economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development for the Russian economy. F63, O52, P17, P27. 1. Introduction: Global crises-in general and in particular causes and the character of the global crisis that erupted in 2008 and that continues to the present day. This crisis is of a particular type: it cannot be explained in terms of one or two parameters (for example, in terms of decline in production or growth in unemployment), and it is multi-dimensional and affects many spheres of socioeconomic life. In most cases, it has had serious socio-political consequences. This is a systemic crisis and, in this respect, resembles the crises of the 1930s and the 1970s (Mau, 2009). Comparisons are not straightforward. The lessons learned in overcoming the systemic cricrises have a number of qualitative features in common. This means they can be treated as www.rujec.org
The paper deals with the roots and features of current Russian economic problems, compares 2008-2009 and 2014-2015 crises, factorizes the last one on three main components. The analysis includes the effects of sanctions against Russia on the current economic situation and structural problems that slow economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development of Russian economy.
Bank of Russia officials have recently declared the possibility of switching to the inflation targeting regime in the medium run. The article considers benefits and shortcomings of monetary policy regime as well as the economic performance of the inflation targeting countries. The authors conclude that Russia now starts meeting conditions crucial for the success of inflation targeting. In such circumstances Russian monetary authorities have an opportunity to weaken the exchange rate goal in favor of the inflation goal.
Russian macroeconomic tendencies of the past decade are described in the article. It is particularly mentioned that until recently foreign trade surplus was the main source of liquidity for the Russian economy. Since mid 2005 a noticeable foreign private capital inflow has started, creating a new liquidity source. A significant capital inflow may result in additional inflation and / or additional ruble appreciation while currently used monetary policy instruments appear to be ineffective in this situation. The description of the set of measures to soften negative impact of the capital inflow is also presented.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.