DOI: 10.32609/j.ruje.8.90948

Authors: Simon Commander, Ruta Prieskienyte

Abstract: Can autocracies and their associated institutions successfully implement economic policies that promote growth and investment? Can “good economics” somehow offset the effects of “bad” politics? Kazakhstan is a case where an autocratic regime has actively projected market-friendly policies and attracted significant amounts of incoming investment. These policies are to some extent reflected in the country’s governance ratings, although there has been a significant amount of investment disputes that question the attachment to the rule of law. Moreover, the political regime has remained strongly personalized around the founder President, his family and associates. This is reflected in the economics­ of the autocracy whereby a large public sector and a set of privately held businesses coexist to mutual benefit. The latter have been formed around a very small number of highly connected individuals whose initial accumulation of assets allows them also to act as necessary gatekeepers for entrants. Competition as a result remains limited in both economic and political domains. Yet, uncertainties over the future leadership, along with latent rivalry over access to resources and markets, make the political equilibrium quite fragile, as the events of January 2022 have underlined. In short, “bad” politics both squeezes the space for, and distorts the benefits from, “good” economics. At the same time, the limits of “good” economics are reflected in the extraordinary concentrations of ownership, control and wealth that have occurred.

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DOI: 10.3897/j.ruje.4.30163

Authors: Alexey Kudrin, Alexander Knobel

Abstract: This paper investigates the economic efficiency of Russian public expenditures in 2002–2016 by estimation of their multiplicative impact on the GDP level and economic growth. We use the empirical methodology based on Corsetti et al. (2012). We estimate a number of fiscal multipliers: on national security, law-enforcement activity, national defense, education, health care and sport and road infrastructure. For assessing the influence of budget structure on long-term economic growth rates, we estimate the SVAR model in which GDP growth is a structural variable. The research shows a positive influence of budgetary resources redistribution from non-productive government expenditures to productive ones on economic development.

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DOI: 10.1016/j.ruje.2016.11.001

Authors: Dmitry Medvedev

Abstract: This paper addresses Russian economic development and economic policy in 2015–2016. The analysis focuses on external and domestic challenges as well as the anti-crisis policy of the Russian government. Special attention is paid to key elements of the new model of economic growth in Russia. The paper discusses economic policy priorities for sustainable growth that include budget efficiency, structural reforms and import substitution, the encouragement of entrepreneurship, the efficiency of public administration, and the modernization of the welfare state.

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DOI: 10.1016/j.ruje.2015.05.002

Authors: Alexey Kudrin, Evsey Gurvich

Abstract: The problems underlying the current slowdown of the Russian economy are of a persistent nature and cannot be resolved with simple measures such as a softer monetary or fiscal policy. The fundamental reason for these problems is the weak market environment dominated by public and quasi-public companies. A new growth model should be based upon strong incentive for the business, as well as the government regulation system, to improve efficiency. This article defines the main steps to be taken in building such a model.

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