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“Structural Transformation” of the Russian Economy and Economic Policy

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  • O. V. Buklemishev

    (Moscow State University)

Abstract

The article examines structural shifts in the Russian economy caused by external sanctions restrictions and reactions of the Russian government in the period after February 2022. The specifics of changes in the allocation of resources between sectors of the economy are described in the context of the theory of structural transformation. The features of the current transformation in Russia are revealed, in particular, a general decrease in efficiency and well-being, including due to the intensification of the development of industries focused on the government demand, as well as relative changes in profitability, which determines the volume of investments in fixed assets. It notes the limited capacity of public policy to directly stimulate transformation and justifies measures that, after mitigating the initial shocks, should be aimed at facilitating the market-driven reallocation of productive resources. This requires efforts to manage state-owned companies, infrastructure policy, as well as measures to develop financial markets and the non-banking sector.

Suggested Citation

  • O. V. Buklemishev, 2023. "“Structural Transformation” of the Russian Economy and Economic Policy," Studies on Russian Economic Development, Springer, vol. 34(4), pages 456-463, August.
    • Handle: RePEc:spr:sorede:v:34:y:2023:i:4:d:10.1134_s1075700723040044
    DOI: 10.1134/S1075700723040044
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    References listed on IDEAS

    as
    1. Joseph E. Stiglitz, 2017. "Structural Transformation, Deep Downturns, and Government Policy," NBER Working Papers 23794, National Bureau of Economic Research, Inc.
    2. Timofeev, I., 2022. "Policy of sanctions against Russia: Newest stage," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 198-206.
    3. Mau, Vladimir, 2016. "Anti-crisis measures or structural reforms: Russian economic policy in 2015," Russian Journal of Economics, Elsevier, vol. 2(1), pages 1-22.
    4. Belke, Ansgar & Göcke, Matthias & Werner, Laura, 2014. "Hysteresis Effects in Economics – Different Methods for Describing Economic Path-dependence," Ruhr Economic Papers 468, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    5. repec:zbw:rwirep:0468 is not listed on IDEAS
    6. Mau Vladimir, 2016. "Russian Economic Policy in 2015: Anti-Crisis Measures or Structural Reforms," Published Papers ppaper-2016-238, Gaidar Institute for Economic Policy, revised 2016.
    7. A. A. Gnidchenko, 2021. "Structural transformation trajectories: Evidence from successful exporting countries," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 12.
    8. Ivan L. Lyubimov, 2019. "From universalism to individualism: New approaches to economic growth analysis," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    9. Dani Rodrik, 2016. "Premature deindustrialization," Journal of Economic Growth, Springer, vol. 21(1), pages 1-33, March.
    10. M. V. Ershov, 2020. "The world in 2020: New challenges expose systemic changes in the economy," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 12.
    Full references (including those not matched with items on IDEAS)

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