Lessons from Modern Crisis for Economic Development in Russia

A. Klepach
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A. Klepach: Bank for Development and Foreign Economic Affairs (Vnesheconombank), Moscow, Russia

Journal of the New Economic Association, 2015, vol. 26, issue 2, 210-218

Abstract: Weak consistency between monetary, exchange rate, fiscal and structural policies is one of the key obstacles to economic growth in Russia. It particularly manifests itself during periods of crises. Since 2013 the Russian economy has been facing a strong slowdown and stagnation, and this was attributable not only to structural factors, but also to restrictive monetary and fiscal policies. Economic recovery and returning to the average world economy's growth pace calls for a significant easing of monetary policy. Structural reforms must be accompanied by a policy of exchange rate targeting and establishing a new budget rule.

Keywords: crisis; structural impediment for growth; inflation and exchange rate targeting; budget rule (search for similar items in EconPapers)
JEL-codes: E32 E58 O11 (search for similar items in EconPapers)
Date: 2015
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