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Strengthening the role of public governance approaches to ensure sustainable economic growth

Author

Listed:
  • Mikhail V. Ershov

    (Financial University under the Government of the Russian Federation, Moscow, Russia)

  • Anna S. Tanasova

    (Financial University under the Government of the Russian Federation, Moscow, Russia)

  • Elena Yu. Sokolova

    (Financial University under the Government of the Russian Federation, Moscow, Russia)

Abstract

The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.

Suggested Citation

  • Mikhail V. Ershov & Anna S. Tanasova & Elena Yu. Sokolova, 2020. "Strengthening the role of public governance approaches to ensure sustainable economic growth," Upravlenets, Ural State University of Economics, vol. 11(6), pages 15-27, December.
  • Handle: RePEc:url:upravl:v:11:y:2020:i:6:p:15-27
    DOI: 10.29141/2218-5003-2020-11-6-2
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    References listed on IDEAS

    as
    1. Joseph Stiglitz, 2003. "Globalization and the economic role of the state in the new millennium," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 12(1), pages 3-26, February.
    2. Hayek, F. A., 1991. "The Fatal Conceit," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320663 edited by Bartley, III, W. W., December.
    3. John Kenneth Galbraith, 2007. "Change and the Planning System, from The New Industrial State," Introductory Chapters, in: The New Industrial State, Princeton University Press.
    4. M. V. Yershov & Anna S. Tanasova & Viktor Yu. Tatuzov, 2018. "The ruble exchange rate: What is the preferable level?," Journal of New Economy, Ural State University of Economics, vol. 19(6), pages 16-32, December.
    5. M. Ershov., 2016. "On the mechanisms of growth of the Russian economy under conditions of worsening financial problems in the world," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 12.
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    More about this item

    Keywords

    public administration; monetary policy; central bank; economic growth; investment;
    All these keywords.

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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