Pub Date : 2022-04-13DOI: 10.33983/0130-9757-2022-2-60-69
B. M. Cheskidov
In article transformation of approaches of the USA to introduction and implementation of sanctions as important tool of their policy is considered. Increase of the importance of financial infrastructure as most vulnerable object of sanctions influence is noted from the USA. The basic doctrinal principles and sequence of actions on which the leadership of the USA at implementation of the sanctions programs relies are generalized and formulated. Separately pressure put for maintenance of the mode of sanctions, the leadership of the USA on the largest world banks is considered.
{"title":"Conceptual approaches of the USA to sanctions influence and value of financial infrastructure as its object","authors":"B. M. Cheskidov","doi":"10.33983/0130-9757-2022-2-60-69","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-2-60-69","url":null,"abstract":"In article transformation of approaches of the USA to introduction and implementation of sanctions as important tool of their policy is considered. Increase of the importance of financial infrastructure as most vulnerable object of sanctions influence is noted from the USA. The basic doctrinal principles and sequence of actions on which the leadership of the USA at implementation of the sanctions programs relies are generalized and formulated. Separately pressure put for maintenance of the mode of sanctions, the leadership of the USA on the largest world banks is considered.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124605158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-13DOI: 10.33983/0130-9757-2022-2-114-126
Jilun Wang
The article discusses the state and prospects of investment cooperation between China and Russia in the energy sector within the framework of the “dual circulation” strategy adopted by China in 2020. The analysis of time series showing the share of Russia in China`s foreign investments in the energy sector in comparison with the countries of Central and South Asia, the Middle East and South America, the ratio of Russian and Chinese investments in the energy sector of the Russian Federation, the forms of investment cooperation and volumes of Chinese investments by main investment forms of participation, and the share of Russian energy resources in total imports energy resources in China are carrried out. The investment needs of the Russian energy sector until 2035 in order to determine the prospects for further cooperation are also decribed in the article.
{"title":"Investment Sino-Russian energy cooperation within the framework of the \"dual circulation\" strategy: State and prospects","authors":"Jilun Wang","doi":"10.33983/0130-9757-2022-2-114-126","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-2-114-126","url":null,"abstract":"The article discusses the state and prospects of investment cooperation between China and Russia in the energy sector within the framework of the “dual circulation” strategy adopted by China in 2020. The analysis of time series showing the share of Russia in China`s foreign investments in the energy sector in comparison with the countries of Central and South Asia, the Middle East and South America, the ratio of Russian and Chinese investments in the energy sector of the Russian Federation, the forms of investment cooperation and volumes of Chinese investments by main investment forms of participation, and the share of Russian energy resources in total imports energy resources in China are carrried out. The investment needs of the Russian energy sector until 2035 in order to determine the prospects for further cooperation are also decribed in the article.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125548107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-13DOI: 10.33983/0130-9757-2022-2-70-84
V. S. Rutkovskaya
The article discusses the role of MNCs in the process of transformation of global regulation of trade and international economic relations system. The relevance of this study is determined by one of the key trends in the world economy and the system of international economic relations of the late XX — early XXI centuries — by the process of corporatization of the economic space. There is a desuverenization and corporatization of the national economies of the countries. This process is associated with the increasing dependence of national economies on MNCs and is accompanied by the deepening of the process of corporate globalization of the economic space. The system of economic relations of mega-regional partnerships is the subject of the research. The purpose of the study is to determine the role of MNCs in the process of transformation of global regulation of trade and international economic relations system. There are different methods of scientific knowledge used in the research: comparative-historical, as well as general scientific methods: abstraction, axiomatic method, analysis, induction. As a result of the study, the author identified the key trends in the world economy of the XX–XXI centuries: the corporatization of the economic space, coupled with the desovereignization of national economies. The main findings of the study are: first, the trend towards corporate globalization in the world economy; second, a qualitative changes in the form of organization of trade and economic relations: the transition from globalization to globalizing regionalism — an increase in the number of mega-regional trade agreements, such as the Trans-Pacific Partnership / Comprehensive and Progressive Agreement for Trans-Pacific Partnership, The EU-Canada Comprehensive Economic and Trade Agreement, The Regional Comprehensive Economic Partnership, etc.; third, the crucial role of MNCs in the transformation process of the global trade regulation system; fourth, qualitative changes in the form of relations between corporate sector and state. The results of the study can be used in further research on a given topic.
{"title":"The role of the corporate sector in the transformation of the international trade and economic relations system","authors":"V. S. Rutkovskaya","doi":"10.33983/0130-9757-2022-2-70-84","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-2-70-84","url":null,"abstract":"The article discusses the role of MNCs in the process of transformation of global regulation of trade and international economic relations system. The relevance of this study is determined by one of the key trends in the world economy and the system of international economic relations of the late XX — early XXI centuries — by the process of corporatization of the economic space. There is a desuverenization and corporatization of the national economies of the countries. This process is associated with the increasing dependence of national economies on MNCs and is accompanied by the deepening of the process of corporate globalization of the economic space. The system of economic relations of mega-regional partnerships is the subject of the research. The purpose of the study is to determine the role of MNCs in the process of transformation of global regulation of trade and international economic relations system. There are different methods of scientific knowledge used in the research: comparative-historical, as well as general scientific methods: abstraction, axiomatic method, analysis, induction. As a result of the study, the author identified the key trends in the world economy of the XX–XXI centuries: the corporatization of the economic space, coupled with the desovereignization of national economies. The main findings of the study are: first, the trend towards corporate globalization in the world economy; second, a qualitative changes in the form of organization of trade and economic relations: the transition from globalization to globalizing regionalism — an increase in the number of mega-regional trade agreements, such as the Trans-Pacific Partnership / Comprehensive and Progressive Agreement for Trans-Pacific Partnership, The EU-Canada Comprehensive Economic and Trade Agreement, The Regional Comprehensive Economic Partnership, etc.; third, the crucial role of MNCs in the transformation process of the global trade regulation system; fourth, qualitative changes in the form of relations between corporate sector and state. The results of the study can be used in further research on a given topic.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124764345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-13DOI: 10.33983/0130-9757-2022-2-48-59
V. Konkina
The Russian agro-industrial complex is the most important branch of the national economy participating in the program of import substitution and ensuring food security of the country. At the moment, the Ministry of Agriculture of the Russian Federation is implementing an export-oriented model of agricultural development. In the article, the author analyses the dynamics of foreign trade operations in the dairy food market. The information base for the integrated assessment was the data of Rosstat and the Customs Service on group 04 Dairy products TNVED. The dairy industry within the country shows progressive growth — gross production has been increasing since 2017. However, domestic agricultural producers cannot cover the domestic need for milk and dairy products. As a result — an increase in foreign economic operations. The analysis showed an increase in exports and imports. This is due to the influence of many factors. Factors and trends affecting their volumes in the short and long term were identified — the composition and structure of the balance of milk and dairy products resources, average per capita household income, average prices for dairy products, milk consumption per capita per year, volumes of foreign trade operations, etc. The built dynamic econometric models made it possible to distinguish limiting factors for each type of foreign economic transactions. For imports, these are average consumer prices for milk and annual consumption of dairy products per capita. For export — average consumer prices for dairy products. By influencing these factors, it is possible to ensure an increase in demand and supply in the dairy industry. The conclusions made in the article can be used to develop and substantiate state agri-food policy.
{"title":"External expansion of the dairy market: Arguments \"for\" and \"against\"","authors":"V. Konkina","doi":"10.33983/0130-9757-2022-2-48-59","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-2-48-59","url":null,"abstract":"The Russian agro-industrial complex is the most important branch of the national economy participating in the program of import substitution and ensuring food security of the country. \u0000At the moment, the Ministry of Agriculture of the Russian Federation is implementing an export-oriented model of agricultural development. In the article, the author analyses the dynamics of foreign trade operations in the dairy food market. The information base for the integrated assessment was the data of Rosstat and the Customs Service on group 04 Dairy products TNVED. The dairy industry within the country shows progressive growth — gross production has been increasing since 2017. However, domestic agricultural producers cannot cover the domestic need for milk and dairy products. As a result — an increase in foreign economic operations. The analysis showed an increase in exports and imports. This is due to the influence of many factors. Factors and trends affecting their volumes in the short and long term were identified — the composition and structure of the balance of milk and dairy products resources, average per capita household income, average prices for dairy products, milk consumption per capita per year, volumes of foreign trade operations, etc. The built dynamic econometric models made it possible to distinguish limiting factors for each type of foreign economic transactions. For imports, these are average consumer prices for milk and annual consumption of dairy products per capita. For export — average consumer prices for dairy products. By influencing these factors, it is possible to ensure an increase in demand and supply in the dairy industry. \u0000The conclusions made in the article can be used to develop and substantiate state agri-food policy.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121067614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-11DOI: 10.33983/0130-9757-2022-2-4-20
S. Glaziev
The relatively successful overcoming by the Russian economy of 2021 with an increase in GDP of 4.3% and investment in fixed assets of 5.6% inspires cautious optimism associated with the ability of the system of state power in crisis periods to target managerial influences, mobilizing the resources required to correct the macroeconomic situation. Already in the middle of the year, the 2020 recession caused by the pandemic consequences has been overcome, and there were good reasons to expect this trend to continue in 2022. To reach the targets of the annual GDP growth of the Eurasian Economic Union by 5-5.5%, established by the Supreme Eurasian Economic Council (the level of the heads of the EAEU states), there are all possibilities: production capacities that are not loaded by a third, the resources of the common labor market of the EAEU are far from exhausted, the abundance of exported industrial raw materials and energy resources, the scientific and technical potential involved by barely a quarter. According to our estimates, the available production capacities and untapped resources allow increasing output by more than 8% per year, however, the tightening of the monetary policy pursued by the Bank of Russia and following the same restrictive paradigm of the central (national) banks of the partner countries of the Union do not allow subordinating the existing reserves to development goals and achieving faster growth rates.
{"title":"How monetary policy depresses economic growth in Russia and the Eurasian Economic Union","authors":"S. Glaziev","doi":"10.33983/0130-9757-2022-2-4-20","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-2-4-20","url":null,"abstract":"The relatively successful overcoming by the Russian economy of 2021 with an increase in GDP of 4.3% and investment in fixed assets of 5.6% inspires cautious optimism associated with the ability of the system of state power in crisis periods to target managerial influences, mobilizing the resources required to correct the macroeconomic situation. Already in the middle of the year, the 2020 recession caused by the pandemic consequences has been overcome, and there were good reasons to expect this trend to continue in 2022. To reach the targets of the annual GDP growth of the Eurasian Economic Union by 5-5.5%, established by the Supreme Eurasian Economic Council (the level of the heads of the EAEU states), there are all possibilities: production capacities that are not loaded by a third, the resources of the common labor market of the EAEU are far from exhausted, the abundance of exported industrial raw materials and energy resources, the scientific and technical potential involved by barely a quarter. According to our estimates, the available production capacities and untapped resources allow increasing output by more than 8% per year, however, the tightening of the monetary policy pursued by the Bank of Russia and following the same restrictive paradigm of the central (national) banks of the partner countries of the Union do not allow subordinating the existing reserves to development goals and achieving faster growth rates.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128860349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.33983/0130-9757-2022-1-78-107
V. Bobkov, A. Gulyugina, E. Odintsova
The article examines the most important social consequences of the 30-year capitalist transformations in Russia. The authors carried out the periodization of the stages of transformations. It is proposed to consider three heterogeneous stages: 1) 1991–1999 — liberal-oligarchic reforms; 2) 2000–2013 — strengthening of the state-capitalist orientation of reforms while preserving their liberal-capitalist foundations; 2014 — present — consolidation of state capitalism. Despite the significant differences between these stages, they are united by a decrease in the level and quality of life of the main segments of the population while maintaining high social inequality and separating the interests of the ruling "elites" from the needs of the majority of the country’s population. The results of 30 years of capitalist reforms are summarized in four areas: (1) the quality of employment; (2) standard of living; (3) housing provision; (4) demographic consequences. It is proved that for a long enough period of capitalist transformations, the social expectations of the majority of the population in improving the level and quality of life have not been justified. There are high levels of precarious employment and the unstable material situation of workers’ households; an increase in poverty in terms of income used for consumption and socio-economic inequality; excessive indebtedness of the population; chronic housing poverty and high gaps in housing provision; depressing demographic consequences of capitalist transformations. The general conclusion is made that the internal and external conditions of Russia’s development predetermine the need to change the course for the continuation of capitalist reform, in whatever forms it is carried out in the future. It depends on whether the future of the peoples of Russia will be successful.
{"title":"SOCIAL CONSEQUENCES OF THIRTY YEARS OF CAPITALIST REFORMS IN RUSSIA","authors":"V. Bobkov, A. Gulyugina, E. Odintsova","doi":"10.33983/0130-9757-2022-1-78-107","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-1-78-107","url":null,"abstract":"The article examines the most important social consequences of the 30-year capitalist transformations in Russia. The authors carried out the periodization of the stages of transformations. It is proposed to consider three heterogeneous stages: 1) 1991–1999 — liberal-oligarchic reforms; 2) 2000–2013 — strengthening of the state-capitalist orientation of reforms while preserving their liberal-capitalist foundations; 2014 — present — consolidation of state capitalism. Despite the significant differences between these stages, they are united by a decrease in the level and quality of life of the main segments of the population while maintaining high social inequality and separating the interests of the ruling \"elites\" from the needs of the majority of the country’s population. The results of 30 years of capitalist reforms are summarized in four areas: (1) the quality of employment; (2) standard of living; (3) housing provision; (4) demographic consequences. It is proved that for a long enough period of capitalist transformations, the social expectations of the majority of the population in improving the level and quality of life have not been justified. There are high levels of precarious employment and the unstable material situation of workers’ households; an increase in poverty in terms of income used for consumption and socio-economic inequality; excessive indebtedness of the population; chronic housing poverty and high gaps in housing provision; depressing demographic consequences of capitalist transformations. The general conclusion is made that the internal and external conditions of Russia’s development predetermine the need to change the course for the continuation of capitalist reform, in whatever forms it is carried out in the future. It depends on whether the future of the peoples of Russia will be successful.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121402719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.33983/0130-9757-2022-1-108-124
I. A. Nazarova
The economic and political instability of the present time in the world, being a reflection of the complex process of transition to new post-industrial technologies, increases instability in the sphere of monetary relations. The article aims to investigate the conceptual differences that contributed to the formation of alternative approaches in the theory of money at the turn of the XIX–XX centuries during the discussion of the prospects for the transition to credit circulation in extreme economic conditions. Attention is drawn to the fact that the problem of choosing a model of the monetary system, metallic or monetary, becomes the most urgent during the transformation of the economy. The article provides a comparative analysis of the key provisions of the nominalist, quantitative, credit and conjunctural theories of money, their conceptual differences in understanding the nature, functions of banknotes and their role in price formation. The features of the conjunctural theory of money that distinguish it from the provisions of alternative concepts, market and state mechanisms for regulating money turnover are clarified. Algorithms for the formation of the general level of money prices in the conjunctural theory of money by M.I. Tugan-Baranovsky are considered. It is shown that the concept of nominalism, which expresses the interests of the state, justifies the need to use paper banknotes as the most effective financial resource of the government in emergency economic situations and the demonetization of gold. The proposals of the leaders of the modern theory of money concerning the forced issue of "sovereign currency", weakening the national currencies of other countries, are analyzed. It is shown that the incorrect interpretation of the categories of government bonds and national currency by the leaders of the modern theory of money in comparison with the classical provisions narrows the field of scientific analysis, leads to a confusion of the concepts of state interest-bearing and interest-free domestic debt, and destabilization of the monetary and economic system as a whole. The contribution of alternative concepts of money to the creation of a theoretical model and structure of the Russian state monetary system of the early twentieth century is shown. It is concluded that during periods of acute shortage of budgetary resources, there is a revival of the arguments of the nominalist theory of money in new economic conditions.
{"title":"CONTRIBUTION OF ALTERNATIVE THEORIES OF MONEY TO THE CREATION OF A MODEL OF THE MONETARY SYSTEM IN RUSSIA (LATE XIX — EARLY XX CENTURY)","authors":"I. A. Nazarova","doi":"10.33983/0130-9757-2022-1-108-124","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-1-108-124","url":null,"abstract":"The economic and political instability of the present time in the world, being a reflection of the complex process of transition to new post-industrial technologies, increases instability in the sphere of monetary relations. The article aims to investigate the conceptual differences that contributed to the formation of alternative approaches in the theory of money at the turn of the XIX–XX centuries during the discussion of the prospects for the transition to credit circulation in extreme economic conditions. Attention is drawn to the fact that the problem of choosing a model of the monetary system, metallic or monetary, becomes the most urgent during the transformation of the economy. \u0000 \u0000The article provides a comparative analysis of the key provisions of the nominalist, quantitative, credit and conjunctural theories of money, their conceptual differences in understanding the nature, functions of banknotes and their role in price formation. The features of the conjunctural theory of money that distinguish it from the provisions of alternative concepts, market and state mechanisms for regulating money turnover are clarified. Algorithms for the formation of the general level of money prices in the conjunctural theory of money by M.I. Tugan-Baranovsky are considered. It is shown that the concept of nominalism, which expresses the interests of the state, justifies the need to use paper banknotes as the most effective financial resource of the government in emergency economic situations and the demonetization of gold. \u0000 \u0000The proposals of the leaders of the modern theory of money concerning the forced issue of \"sovereign currency\", weakening the national currencies of other countries, are analyzed. It is shown that the incorrect interpretation of the categories of government bonds and national currency by the leaders of the modern theory of money in comparison with the classical provisions narrows the field of scientific analysis, leads to a confusion of the concepts of state interest-bearing and interest-free domestic debt, and destabilization of the monetary and economic system as a whole. \u0000 \u0000The contribution of alternative concepts of money to the creation of a theoretical model and structure of the Russian state monetary system of the early twentieth century is shown. It is concluded that during periods of acute shortage of budgetary resources, there is a revival of the arguments of the nominalist theory of money in new economic conditions.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133271635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.33983/0130-9757-2022-1-32-49
M. Ershov, A. Tanasova, M. Tskhovrebov
The situation in the global economy remains difficult and the level of uncertainty about future prospects remains high. This is largely due to the ongoing pandemic, the beginning of monetary tightening in leading economies, the generally changing conditions in global financial markets, etc. In such conditions, it becomes important for the Russian economy to strengthen domestic sources in order to maintain economic growth and ensure stable high rates. The key mechanisms for this are budgetary and monetary policy. However, despite the fundamentally changing conditions in the global economy and financial system, the approaches that were previously used by the Russian monetary authorities generally remain the same. The authors provide an analytical view of a number of approaches outlined in two key documents — the Federal Budget of the Ministry of Finance of the Russian Federation and the Guidelines for the Monetary Policy of the Bank of Russia for 2022–2024. The inconsistence of the toughening of approaches in these two documents is substantiated. The importance of more active participation of the monetary authorities in providing favorable conditions for business and the population and, in general, in providing opportunities for economic growth is indicated.
{"title":"ON MONETARY AND BUDGET APPROACHES IN RUSSIA IN 2022–2024","authors":"M. Ershov, A. Tanasova, M. Tskhovrebov","doi":"10.33983/0130-9757-2022-1-32-49","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-1-32-49","url":null,"abstract":"The situation in the global economy remains difficult and the level of uncertainty about future prospects remains high. This is largely due to the ongoing pandemic, the beginning of monetary tightening in leading economies, the generally changing conditions in global financial markets, etc. In such conditions, it becomes important for the Russian economy to strengthen domestic sources in order to maintain economic growth and ensure stable high rates. The key mechanisms for this are budgetary and monetary policy. However, despite the fundamentally changing conditions in the global economy and financial system, the approaches that were previously used by the Russian monetary authorities generally remain the same. The authors provide an analytical view of a number of approaches outlined in two key documents — the Federal Budget of the Ministry of Finance of the Russian Federation and the Guidelines for the Monetary Policy of the Bank of Russia for 2022–2024. The inconsistence of the toughening of approaches in these two documents is substantiated. The importance of more active participation of the monetary authorities in providing favorable conditions for business and the population and, in general, in providing opportunities for economic growth is indicated.","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126693208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.33983/0130-9757-2022-1-4-31
Yu.B. Vinslav
The world economic trends of 2021, characterized by recovery growth, are characterized. At the same time, there are still risks of market imbalance, rising inflation, and widening income gaps between various social groups of the population. The pressure of economic sanctions on the Russian economy is increasing. A brief description of the Russian economic results of 2021 is given. The achieved growth of economic indicators was facilitated by the favorable conjuncture of world commodity prices. At the same time, high inflation expectations remain for the conditions of 2022. A decline in world commodity prices is forecast. At the government level in 2021, measures were taken to develop a set of strategic initiatives for the socio-economic development of the country until 2030. At the same time, the problems of improving the quality of public administration remain relevant. Recommendation on strengthening the role of the national security strategy planning are given. Proposals are formulated to improve the guality of strategic planning of socio-economic and territorial development at the federal level
{"title":"2022: ECONOMIC TRENDS, ACTUALIZATION OF NATIONAL SECURITY FACTORS IN THE SYSTEM OF MACRO-LEVEL STRATEGIC PLANNING","authors":"Yu.B. Vinslav","doi":"10.33983/0130-9757-2022-1-4-31","DOIUrl":"https://doi.org/10.33983/0130-9757-2022-1-4-31","url":null,"abstract":"The world economic trends of 2021, characterized by recovery growth, are characterized. At the same time, there are still risks of market imbalance, rising inflation, and widening income gaps between various social groups of the population. The pressure of economic sanctions on the Russian economy is increasing. A brief description of the Russian economic results of 2021 is given. The achieved growth of economic indicators was facilitated by the favorable conjuncture of world commodity prices. At the same time, high inflation expectations remain for the conditions of 2022. A decline in world commodity prices is forecast. At the government level in 2021, measures were taken to develop a set of strategic initiatives for the socio-economic development of the country until 2030. At the same time, the problems of improving the quality of public administration remain relevant. Recommendation on strengthening the role of the national security strategy planning are given. Proposals are formulated to improve the guality of strategic planning of socio-economic and territorial development at the federal level","PeriodicalId":415958,"journal":{"name":"Russian Economic Journal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115317419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.33983/0130-9757-2022-1-50-77
E. Andreeva
The article examines the present-day situation in management of the most important field for the country — natural resource and mineral management — which has undergone significant changes in the post-Soviet period. The reforms have touched both the federal authorities responsible for the development of plans for analyzing future industrial demands on domestic and international markets and their supply with mineral resources, and the state-run organizations responsible for replenishing and maintaining the country’s raw materials database. The main focus of this article is on the lack of extraction on the RF territory of the kinds of minerals which have been at the epicenter of the international market due to the appearance of new industrial and technological innovations and breakthroughs, which have lately become the determining factor of the level of economic development of a country. In Russia, these minerals are completely ignored even though the Northern, Arctic and Far-Eastern regions feature a nearly inexhaustible supply of these raw materials. Remaining in the shadow of great success in extracting hydrocarbons and of their demand on the Western and Asian markets, not only do the problems with managing the use of polymetals and rare earth metals in Russia not receive proper attention, but this management can fall under the sole purview of foreign companies altogether. The article analyzes the extremely unsatisfactory performance of federal authorities responsible for the planning of future use of natural resources and minerals as they do not maintain a close relationship with and do not follow the recommendations of the leading geological institutes of the country. These authorities are moving further and further away from providing the national economy with strategic raw materials, fail to effectively manage federal financial resources allocated for the replenishment of the national natural resource inventory, shifting the responsibility onto large private extractive companies whose primary concern has always been to fulfill their own commercial needs first. The article especially focuses on the Arctic zone of the RF, the least explored and the richest area in terms of natural resources, which can, if properly managed, make Russian economy self-sufficient, despite the growing sanctions against it, while supplying the international market with the most valuable resources. The current natural resource and mineral management, run by unprofessional staff at the most senior levels, completely contradicts the ideology of a sustainable development of the Russian society, the ideology which alone can bring the country to a new, progressive level. This article shows the acute need for an increased federal involvement in managing strategic types of mineral resources and the need to keep them from becoming foreign company assets.
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