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Long-term macroeconomic processes and conditions for economic growth in Russia

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  • V. Manevitch

Abstract

The article examines long-term macroeconomic processes that have resulted in the stagnation of the Russian economy. Such processes include the reduction of the marginal efficiency of labor and capital in a number of major activities, the distortion of motivation of investors due to multiple undervaluation of the ruble, the decline in the share of savings in the income of non-financial corporations, cyclical fluctuations in consumer behavior. The author connects possible long-term or cyclic substitution of private sources of investment for resources of the general government with controlling the dynamics of the monetary base, which is considered in the article as the endogenous, dependent variable, not the one that is exogenously set by the monetary authorities.

Suggested Citation

  • V. Manevitch, 2017. "Long-term macroeconomic processes and conditions for economic growth in Russia," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 1.
    • Handle: RePEc:nos:voprec:y:2017:id:268
    DOI: 10.32609/0042-8736-2017-1-40-63
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