Structural Economic Crisis As A Manifestation of Political Constraints on Modernization

I. Nikolaev
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I. Nikolaev: NRU, Moscow, Russia

Journal of the New Economic Association, 2015, vol. 28, issue 4, 176-182

Abstract: Deep structural crisis of Russian economy is largely due to the factors playing a role of political constraints on modernization. Shortcomings in economic policy have led to an accumulation of structural disproportions. In public administration, the imbalances can be seen primarily in increase in civil servants accompanied by decrease in management efficiency. Structural disparities in the budget system of Russian regions have been stimulated by impossibility to realize a number of target-figures fixed in the May decrees (2012) of the President of Russia. The situation is exacerbated by a weak competition in Russian economy, as a result problems of low quality of goods and services and also accelerated growth of prices remain unchanged. Effects of sanctions and anti-sanctions - these consequences of a sharp aggravation in the geopolitical situation - are quite painful as well. The elections in 2016 and 2018 can be regarded as well as political constraints on modernization for they hamper an implementation of tough but necessary reforms. It becomes more and more obvious that favorable time for unpopular reforms (period of economic growth at the middle of 2000s) was missed. It is much more difficult to implement such reforms during crisis period.

Keywords: structural economic crisis; political constraints; public administration; regional budgets; social expenditures; competition; investment expenditures; sanctions; anti-sanctions; geopolitical factor; elections; modernization; GDP (search for similar items in EconPapers)
JEL-codes: E02 H12 H72 (search for similar items in EconPapers)
Date: 2015
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