On the development of the crisis of the Russian economy in 2008–2009

Opportunities and challenges of Russian high-technology complex modernization

“…As a result, when the banking system started to face lending problems (as a result of low liquidity), a considerable number of borrowers found themselves insolvent. Thus, in the Russian economy, a crisis spiral appeared: growing number of loan defaults-slowed dynamics of lending-lower con sumer and investment demand-slowed economic growth-slowed dynamics of income growth-grow ing number of loan defaults [22]. This combination has created conditions for the destabilization of the activities of a number of banks.…”

“…It means that the losses from the devaluation of the ruble were transferred from the banking system to firms and households, which, in turn, was increasing credit risks. 22 The point is that the innovative activity, according to the accepted international agreements, is rigidly regulated by the managing company, which is not only allowed at its own discre tion refuse from recognizing research activities as such in the case of violations in the mechanism of interactions between per sons participating in the implementation of a project. This cre ates powerful levers to affect local companies, which will have to take on labor intensive but low paid projects.…”

“…The attraction of international capital for the establishment of a link between science and applica tion of innovations will, under these conditions, make real the perspective of transferring the country's scien tific technical area into a regime of intellectual out sourcing for servicing TNCs. Thus, future events will not be the formation of a domestic and relatively inde pendent national innovation system (NIS), but a frag mentary inclusion of R&D and design organizations into the world innovation system 22 .…”

Development of the Russian Economy in the Medium Term: Risks and Opportunities

“…In the last 30 years, the development of the Russian economy has been based on a significant foreign trade surplus. It created financial stability, supported domestic demand and provided an increase in reserves [ 2 ]. In conditions when significant restrictions are imposed on transactions with the currencies of developed countries, which are supplemented by sanctions on the supply of a number of goods to Russia, the question of the expediency of maintaining the current volumes of exports to unfriendly countries is quite acute.…”