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Between crises and sanctions: economic policy of the Russian Federation

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  • Vladimir Mau

Abstract

This paper examines the root causes and features of crises of the Russian economy in 2014–2015 as a combination of structural and institutional problems, as well as cyclical and external shocks. The demand-side model of economic growth based on massive windfall revenue from oil and gas exports from the 2000s is now exhausted, and the country needs to shift to a new, supply-side model of growth. Mobilization and liberalization are discussed as two key economic policy alternatives. The analysis includes historical retrospection, which provides some important lessons from economic developments in the twentieth century: the Great Depression and the period of stagflation, the Soviet industrialization debate and perestroika, and the New Economic Policy in the USSR and the contemporary modernization of China. Special attention is paid to the mechanisms of economic growth acceleration in present-day Russia. They include macroeconomic stabilization, structural and institutional reforms based on liberalization of economic activity, and guarantees of property rights.

Suggested Citation

  • Vladimir Mau, 2016. "Between crises and sanctions: economic policy of the Russian Federation," Post-Soviet Affairs, Taylor & Francis Journals, vol. 32(4), pages 350-377, July.
    • Handle: RePEc:taf:rpsaxx:v:32:y:2016:i:4:p:350-377
    DOI: 10.1080/1060586X.2015.1053723
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    Cited by:

    1. Yoshisada Shida, 2019. "Russian Business under Economic Sanctions: Is There Regional Heterogeneity?," Discussion papers 1903e, ERINA - Economic Research Institute for Northeast Asia.
    2. Anastasia Kazun, 2017. "Agenda-Setting in Russian Media," HSE Working papers WP BRP 49/PS/2017, National Research University Higher School of Economics.
    3. Fabio Ashtar Telarico, 2023. "Are Sanctions for Losers? [Les sanctions sont-elles destinées aux perdants ?]," Post-Print hal-04238902, HAL.
    4. Juliet Johnson & Seçkin Köstem, 2016. "Frustrated Leadership: Russia's Economic Alternative to the West," Global Policy, London School of Economics and Political Science, vol. 7(2), pages 207-216, May.
    5. Shida, Yoshisada, 2019. "Russian Business under Economic Sanctions: Is There Regional Heterogeneity?," MPRA Paper 93817, University Library of Munich, Germany.
    6. Dmitriy Aleksandrovich Endovitskiy & Nikolay Petrovich Lyubushin & Nadezhda Evaldovna Babicheva & Tatyana Alekseevna Pozhidaeva, 2017. "The Quantitative Assessment of the Cyclical Development in Modern Conditions," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(4), pages 109-119.
    7. Borer, Daniel & Perera, Devmali & Fauzi, Fitriya & Chau, Trinh Nguyen, 2023. "Identifying systemic risk of assets during international financial crises using Value at Risk elasticities," International Review of Financial Analysis, Elsevier, vol. 90(C).
    8. Fabio Ashtar Telarico, 2023. "Are sanctions for losers? A network study of trade sanctions," Papers 2310.08193, arXiv.org.

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