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Long-term macroeconomic processes and conditions for economic growth in Russia
https://doi.org/10.32609/0042-8736-2017-1-40-63
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.
Keywords
savings,
accumulation,
consumer demand,
monetary base,
domestic debt,
exchange rate,
deficit,
lending
JEL: D12; E52; E60; O23; O47
About the Author
V. Manevitch
Institute of Economics, Russian Academy of Sciences
Russian Federation
Russian Federation
References
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Review
For citations:
Manevitch V. Long-term macroeconomic processes and conditions for economic growth in Russia. Voprosy Ekonomiki. 2017;(1):40-63. (In Russ.) https://doi.org/10.32609/0042-8736-2017-1-40-63
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