A new growth model for the Russian economy

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Title: A new growth model for the Russian economy
Author: Kudrin, Alexey ; Gurvich, Evsey
Organization: Suomen Pankki
Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
Series number: 1/2015
Year of publication: 2015
Publication date: 26.2.2015
Published in: This article first appeared in Russian in the journal Voprosy Ekonomiki No. 12, 2014.
Pages: 35
Subject (yso): talouskasvu; talouspolitiikka; taloudellinen kehitys; kasvumallit; tuotantorakenne
Keywords: Bofit-kokoelma; Venäjä; Russia; insentiivit
JEL: E66; H11; O14; O40; P40
Other keywords: growth model; oil and gas revenues; soft budget constraints; incentives for growth
Abstract: ​The slowdown of the Russian economy is due to chronic factors and cannot be cured by simple fixes such as relaxing monetary or fiscal policy. The biggest impediment to growth in Russia’s case is the weak market environment, evidenced foremost by the dominance of state-owned enterprises and quasi-government companies. Strong incentives for business and public administration to enhance efficiency are required. The key policy objectives necessary to move Russia away from its current model based on imported growth to a new growth model are laid out in this analysis.
Rights: https://helda.helsinki.fi/bof/copyright

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