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The Country's Economic Growth Models and the Potential for Budgetary, Monetary and Private Financing of Gross Domestic Product Growth

Author

Listed:
  • V.A. Slepov
  • V.K. Burlachkov
  • T.P. Danko
  • M.E. Kosov
  • I.I. Volkov
  • O.A. Grishina
  • V.D. Sekerin

Abstract

This article examines the financing of GDP growth within the framework of catch-up, evolutionary and dynamic models of economic development. Methods/statistical analysis: using the principles of the Solow model and the Cobb-Douglas function, an analysis of the nature of the models has been carried out, considering the processes of capital accumulation, the rate of growth of the workforce, and various aggregate factor productivities. With the help of historical logic and statistical evaluation, examples of countries relating to each of the models examined are reviewed. Based on the analysis, the main ways of financing economic growth are noted: both the state ones, due to budgetary and monetary policy measures, and private ones. It has been proven that with the transition from catch-up to an evolutionary or dynamic model, the role of the state as a centralizing force is diminishing. At the same time, the specificity of a dynamic model is due to the country's objective ability to be among the technological leaders, which is predetermined by the high values of current GDP, per capita GDP, and population size. Countries with an evolutionary model of development are constrained in their ability to maintain a comparable pace of development only within separate "growth points". The main result of the work is the assessment of Russia's potential from the viewpoint of one of the models considered, based on a comparative analysis of several capital indicators, as well as a logical analysis of data on the level of GDP and population with other countries. This makes it possible to make recommendations for financing the country's GDP growth in the medium to long term. Scope/Improvements: The findings can be used in the development of Russia's financial and economic strategy up to 2030.

Suggested Citation

  • V.A. Slepov & V.K. Burlachkov & T.P. Danko & M.E. Kosov & I.I. Volkov & O.A. Grishina & V.D. Sekerin, 2017. "The Country's Economic Growth Models and the Potential for Budgetary, Monetary and Private Financing of Gross Domestic Product Growth," European Research Studies Journal, European Research Studies Journal, vol. 0(4A), pages 488-500.
    • Handle: RePEc:ers:journl:v:xx:y:2017:i:3a:p:488-500
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    References listed on IDEAS

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    1. V. Ponkratov & A. Karaev & S. Solyannikova & O. Gorlova & D. Smirnov & O. Makashina, 2018. "Impact of Fiscal, Monetary and Structural Economic Policies on the Growth Rates of Leading Economies: 2000-2016," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 333-343.
    2. Janusz Myszczyszyn & Irena Lacka & Sylwia Golab & Beata Bedzik & Blazej Supron, 2021. "A Preliminary Analysis of the Relationship between Economic Growth and Selected Innovativeness Indicators on the Example of Four European Union Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 402-418.

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    More about this item

    Keywords

    Financial resources; financing GDP growth; catch-up model; evolutionary model; dynamic model. JEL Classification: O10; E63.;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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