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Journal section "Territorial economy"

Structural Dynamics of Russia’s Economy: Toward a New Growth Model

Sukharev O.S.

4 (34), 2016

Sukharev O.S. Structural Dynamics of Russia’s Economy: Toward a New Growth Model. Territorial development issues, 2016, no. 4 (34). URL: http://vtr.isert-ran.ru/article/1975?_lang=en

Abstract   |   Authors   |   References
The paper considers the problems of macro-structural dynamics of the Russian economy; they consist of four main phenomena: the dominance of the fuel industry by the share of its production in the total industrial output relative to the share of mechanical engineering; the growth of the financial sector which inhibits the growth and reduces the ability to use new growth factors; transfer of labor and capital resources from the processing sectors to the mining and transaction sectors (services, financial-banking); reduction of the overall “technological performance” of the economy against the backdrop of increasing the share of innovative works and services in total production. Based on the model previously proposed by the author ¬– the model “2x2” – “investment-savings”, “financial-nonfinancial” sector, the paper defines one of the significant structural constraints to economic growth in Russia: the reason for strategic problems in the launch of growth based on new factors lies in the expansion of the financial sector, inefficient institutions that regulate and define the mode of its functioning, which requires the substantiated change in the monetary and financial policy in the country. The prospect of this research is to study the issue concerning the distribution of the effect of the monetary and fiscal policy (n the framework of fiscal federalism) in the regional context. The parameters of the institutional bias of the financial sector can be defined for different regions, in order to justify the methods of regional policy to adjust the developing divergence and to solve the issue of managing the overflow of resources between different sectors of the Russian economy

Keywords

structure, economic growth, factors, macroeconomic policy, new model