Real and Financial Economic Dynamics in Russia and Eastern by Timothy Lane, Nina Oding, Paul J.J. Welfens

By Timothy Lane, Nina Oding, Paul J.J. Welfens

Russia and lots of different transition nations at the moment are dealing with the demanding situations of beginning up, restructuring, and modernizing their economies, which calls for addressing a variety of institutional weaknesses and supply-side distortions. The papers during this assortment study those concerns either in Russia and from a nearby point of view, drawing at the adventure of different reforming international locations. elements addressed comprise the consequences of alternate and capital flows, the method of work industry reform, monetary marketplace improvement, productiveness development, and innovation dynamics. The dynamics of the reform procedure also are studied within the context of latest political financial system versions.

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By Timothy Lane, Nina Oding, Paul J.J. Welfens

Russia and lots of different transition nations at the moment are dealing with the demanding situations of beginning up, restructuring, and modernizing their economies, which calls for addressing a variety of institutional weaknesses and supply-side distortions. The papers during this assortment study those concerns either in Russia and from a nearby point of view, drawing at the adventure of different reforming international locations. elements addressed comprise the consequences of alternate and capital flows, the method of work industry reform, monetary marketplace improvement, productiveness development, and innovation dynamics. The dynamics of the reform procedure also are studied within the context of latest political financial system versions.

Show description

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Another 44 Evgeny Gavrilenkov key condition is a competitive environment, and the creation of equal conditions for competition for all economic entities throughout the entire country. It is competition, and the threat oflosing one's place in the market, that is the driving force behind improving production efficiency. The drafting and adoption of progressive anti-monopoly legislation is a high priority in economic policy. Special importance should also be assigned to a policy of supporting small and mid-sized business, the essence of which should not be reduced to state financing and concessional lending to this sector, which cannot realistically be expected under Russian conditions; what this policy should do is help eliminate barriers to gaining access to the markets.

8 In addition to the administrative restrictions, one should also take into account restrictions related to the activities of criminal elements, which in effect increase the tax burden on the producer, as well as corruption, the weak legislative base, and so on. 9 Including the regional aspect of the problem. 7 Long Term Structural Change and Productivity Growth in Russia 39 The first of the options (which is, in effect, adoption of the concept of a mobilization economy) is not discussed in this paper, since its implementation would mean new large-scale reforms not only of the economic mechanism, but the state's political system as well, which goes beyond the limits of the authors' knowledge.

Of course, there are also other, more significant causes hindering the process of development of the financial system. 6 It looks as if relative to the past years capital flight decreased in 1999 in dollar terms, but increased as a percentage of GDP. 5 38 Evgeny Gavrilenkov Table B1. Savings, Investments and Capital Flight %ofGDP: Savings Gross Capital Formation Gross Fixed Capital Formation Capital Flight 1994 1995 1996 1997 1998 1999 2000 30,2 25,5 21,8 -2,76 28,0 25,4 21,3 -1,62 26,8 24,6 21,2 -5,95 21,6 22,8 19,5 -6,36 17,4 15,7 17,6 -8,37 25,5 15,5 16,3 -10,4 32,7 16,7 17,3 -10,0 As a consequence, the crisis of authority and the economic crisis meant that the country's economy remained oriented toward the fuel and raw materials sectors, an orientation that had developed over previous decades.

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