Economic Resilience Determinants Under Shocks of Different Origins

Victoria Akberdina ()
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Victoria Akberdina: Institute of Economics of the Ural Branch of the Russian Academy of Sciences

A chapter in Consequences of Social Transformation for Economic Theory, 2023, pp 75-84 from Springer

Abstract: Abstract During crisis, scientists’ attention is focused on the shock effect on economic dynamics. The shock may be catastrophic for one country and painless for another. Scientific studies of crises postulate the thesis about the resilience, i.e. the capability of economic systems to recover from negative impacts. The paper examines the shocks of various nature in the beginning of the twentieth century, their impact on the economic dynamics of countries. The author comes to the conclusion about the existence of the “multi-crisis” phenomenon, i.e. a compound of financial, trade, political and pandemic crises. The paper presents a theoretical review of “economic resilience” and describes two groups of resilient determinants—innate and acquired determinants. The author applied the decomposition method to macroeconomic indicators (GRP and unemployment dynamics) and assessed the resilience of developed countries and Russia. The study proves that when shocks of different nature are combined, each country has its own unique combination of resilient determinants.

Keywords: Economic resilience; Shocks; Economic systems; Economic dynamics (search for similar items in EconPapers)
JEL-codes: E20 E32 H12 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-27785-6_6

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DOI: 10.1007/978-3-031-27785-6_6

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