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Russia in 2015: a Supply-Side Recession

Author

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  • Zamulin, O.

    (National Research University Higher School of Economics, Moscow, Russia)

Abstract

The observed facts about Russia's 2015 recession, such as acceleration of inflation and lack of increase in unemployment, lead to conclusion that this recession was caused by supply-side restrictions rather than a fall in aggregate demand. Although it is not easy to identify these restrictions, they may be connected with such things as increased administrative pressure on business or increased monopolization of the economy in combination with a general economic stagnation that had been lasting for several years already. Under these circumstances, standard monetary and fiscal policies cannot do much. Rather, revival of economic growth requires structural reforms aimed at development of competitive economic environments and rule of law.

Suggested Citation

  • Zamulin, O., 2016. "Russia in 2015: a Supply-Side Recession," Journal of the New Economic Association, New Economic Association, vol. 29(1), pages 181-185.
    • Handle: RePEc:nea:journl:y:2016:i:29:p:181-185
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    Cited by:

    1. Lyubimov, I. & Gvozdeva, M. & Kazakova, M. & Nesterova, K., 2017. "Economic Complexity of Russian Regions and their Potential to Diversify," Journal of the New Economic Association, New Economic Association, vol. 34(2), pages 94-122.
    2. Leonid Goloskokov V. & Л. Голоскоков В., 2017. "О минимизации рисков снижения инвестиционной активности при ограниченных финансовых ресурсах // On the Minimization of Investment Reduction Risks in the Case of Limited Financial Resources," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 10(6), pages 62-68.
    3. Stepanova, A. & Podukhovich, D., 2023. "CEO decision-making horizon and R&D investments. Evidence from Russia," Journal of the New Economic Association, New Economic Association, vol. 59(2), pages 85-118.
    4. A. O. Baranov, 2020. "On the Need to Achieve a Compromise between Economic Policy Goals in the Light of Overcoming Stagnation in Russia," Studies on Russian Economic Development, Springer, vol. 31(5), pages 475-484, September.

    More about this item

    Keywords

    Russia; recession;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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