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Lessons from Modern Crisis for Economic Development in Russia

Author

Listed:
  • Klepach, A.

    (Bank for Development and Foreign Economic Affairs (Vnesheconombank), Moscow, Russia)

Abstract

Weak consistency between monetary, exchange rate, fiscal and structural policies is one of the key obstacles to economic growth in Russia. It particularly manifests itself during periods of crises. Since 2013 the Russian economy has been facing a strong slowdown and stagnation, and this was attributable not only to structural factors, but also to restrictive monetary and fiscal policies. Economic recovery and returning to the average world economy's growth pace calls for a significant easing of monetary policy. Structural reforms must be accompanied by a policy of exchange rate targeting and establishing a new budget rule.

Suggested Citation

  • Klepach, A., 2015. "Lessons from Modern Crisis for Economic Development in Russia," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 210-218.
    • Handle: RePEc:nea:journl:y:2015:i:26:p:210-218
    as

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    References listed on IDEAS

    as
    1. M. Ershov., 2014. "What Economic Policy Does Russia Need under Sanctions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 12.
    2. A. Kudrin & E. Gurvich., 2014. "A New Growth Model for the Russian Economy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 12.
    3. E. Goryunov & S. Drobyshevsky & P. Trunin., 2015. "Monetary Policy of Bank of Russia: Strategy and Tactics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 4.
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    More about this item

    Keywords

    crisis; structural impediment for growth; inflation and exchange rate targeting; budget rule;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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