Alternative strategies of overcoming stagnationand a “new growth model” of the Russian economy

V. Manevitch ()

Voprosy Ekonomiki, 2017, issue 8

Abstract: The export-raw materials model of the Russian economy has exhausted its potential to induce economic growth and has become one of the main reasons for prolonged stagnation. The profit of oil and gas complex concentrates a significant part of the value added created in other activities. The mechanism ensuring such concentration is lowed ruble exchange rate and monopoly pricing. From 40 to 60% of foreign exchange earnings from oil and gas exports is used for the export of capital and payment of net income of non-residents. The reduction of net exports to the minimum will bring the rate of accumulation to the saving rate. Reallocation of investment in favor of infrastructure and processing industries will increase their effectiveness. Thus the tasks of creating new centers of income, forming a new mechanism of economic growth will be solved. Monetary and fiscal policy will be effective not only in the short run but also in the long-term period.

Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.vopreco.ru/jour/article/viewFile/37/38 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2017:id:37

DOI: 10.32609/0042-8736-2017-8-121-137

Access Statistics for this article

More articles in Voprosy Ekonomiki from NP Voprosy Ekonomiki
Bibliographic data for series maintained by NEICON ().