Latest Articles from Russian Journal of Economics Latest 3 Articles from Russian Journal of Economics https://rujec.org/ Fri, 29 Mar 2024 09:19:14 +0200 Pensoft FeedCreator https://rujec.org/i/logo.jpg Latest Articles from Russian Journal of Economics https://rujec.org/ Brazil in the 21st century: A difficult path https://rujec.org/article/78432/ Russian Journal of Economics 7(3): 250-268

DOI: 10.32609/j.ruje.7.78432

Authors: Leonid M. Grigoryev, Marina F. Starodubtseva

Abstract: Brazilian economic reforms in 21st century have great importance for the international community, especially for other countries of the middle level of development. The authors­ believe that, in spite of all the difficulties and crises, Brazil has made a decisive step forward by reforming its social structure and retaining democracy. Social reforms (especially­ minimal wage) led to strengthening middle class, but also to elevating its social aspirations. At this dramatic junction the economic development of the country was aggravated by external shocks and unsuccessful budget policies. The complex interaction of social macro­economic policies in Brazil with strong external shocks gives lessons to countries with similar characteristics. The pandemic and recession of 2020–2021 have made the path of development more complicated but there is room for optimism for Brazil in the long run.

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Research Article Fri, 3 Dec 2021 18:00:05 +0200
Factors determining Russia’s long-term growth rate https://rujec.org/article/49417/ Russian Journal of Economics 5(4): 328-353

DOI: 10.32609/j.ruje.5.49417

Authors: Marek Dabrowski

Abstract: In the decade of the 2010s, the pace of economic growth in Russia slowed down to an annual rate of below 2% and most forecasts suggest that this is will be the new “normal” for the Russian economy at least in the medium-term. While politically and socially disappointing, such a growth slowdown is unavoidable due to adverse demographic trends. A combination of a shrinking working-age population and population aging must lead to a lower growth pace as compared to the period when the working-age population was still increasing and the effects of population aging were limited (the decade of the 2000s). Compensatory measures such as a gradual increase in the retirement age and an open labor migration policy, although economically positive, can only partly mitigate the negative effects of a shrinking domestic labor force. In this respect, Russia does not differ from other European countries and some Asian countries. However, demography and shrinking labor supply cannot fully explain low potential growth. Stagnation in total factor productivity is another reason. It results from a poor business and investment climate, difficulty in diversifying away from the dominant role of the hydrocarbon sector, and deteriorating political and economic relations with the US and EU which limit trade, investment and innovation opportunities. To increase its potential growth, Russia needs comprehensive economic and institutional reforms that, in turn, will be conditioned by political reforms and by improved economic and political relationships with the US, the EU and Russia’s neighbors.

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Research Article Fri, 20 Dec 2019 11:00:02 +0200
Social and economic development of Russia: Finding new dynamics https://rujec.org/article/27974/ Russian Journal of Economics 2(4): 327-348

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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Research Article Wed, 30 Nov 2016 00:00:00 +0200