| In the section | From the Chief Editor |
| Title of the article | Russian Economy: Between Crisis |
| Pages | 7-23 |
| Author | Pavel Aleksandrovich Minakir Academician RAS, Doctor of Economics, Professor, Research Supervisor Economic Research Institute FEB RAS 153 Tikhookeanskaya St., Khabarovsk, 680042, Russian Federation This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0002-5451-5662 |
| Abstract | The article analyzes the dynamics of the Russian economy during the crisis of 2015–2016 and subsequent stagnation in 2017–2019. The main components of economic policy are examined and institutional trends that determine macroeconomic dynamics, in particular, consumer demand, investment in fixed assets, foreign trade conditions and the orientation of economic institutions, are evaluated. A comparison is made of the immediate causes and institutional conditions for the formation and manifestation of crises in the Russian economy. It is shown that, in accordance with the general theory of economic cycles and crises, external resource demand shocks are a direct reason for the formation of the medium-term financial and economic cycle in the Russian economy, integrated into the global market environment. A comparative study of the scenarios and parameters of the Russian economic crises of the 1990s and 2000s showed that the main reason global shocks, standard in scale and mechanism of impact, have a deeper and longer impact on the Russian economy, creating large-scale and deep financial economic crises, has been ongoing since the early 1990s. and the crisis of fundamental institutional conservatism that has not been overcome so far, which prevented the formation of internal compensators and stabilizers that can weaken or even block the effect of external shocks. It is shown that the exit of the Russian economy from the crisis of 2015–2016 is blocked by two main factors: 1) the beginning of the next cycle of recession in the global economy, which creates new demand and resource external shocks, 2) the stability of the extractive nature of Russian economic institutions that are not oriented towards creating a platform economic growth, but, on the contrary, on the deactivation of growth resources |
| Code | 330.3+338.1 |
| JEL | E02, E58, H11 |
| DOI | https://dx.doi.org/10.14530/se.2020.1.007-023 |
| Keywords | economic crisis ♦ institutions ♦ aggregate demand ♦ monetary policy ♦ economic growth ♦ stagnation ♦ growth rate ♦ Russia |
| Download | |
| For citation | Minakir P.A. Russian Economy: Between Crisis. Prostranstvennaya Ekonomika = Spatial Economics, 2020, vol. 16, no. 1, pp. 7–23. https://dx.doi.org/10.14530/se.2020.1.007-023 (In Russian). |
| References | 1. Aleksashenko S. Why the Bottom of the Crisis Has not yet Been Passed? Ezhednevnaya Delovaya Gazeta RBK [Daily Business Newspaper RBC], 2016, 29 June, no. 113 (2369). Available at: (accessed January 2020). (In Russian). 2. Ershov M.V., Tanasova A.S. The World and Russia: Inflation is Minimal, Economic Growth is Slowing, Risks are Rising. Voprosy Ekonomiki [Economic Issues], 2019, no. 12, pp. 5–23. (In Russian). 3. Intriligator M. Shocking Failure of 'Shock Therapy'. Reforms Through the Eyes of American and Russian Scientists. Edited by O.T. Bogomolov. Moscow, 1996, pp. 129–136. (In Russian). 4. Lvov D.S., Makarov V.L., Kleiner G.B. Russia’s Economy at the Crossroads of Centuries. Moscow, 2000, 85 p. (In Russian). 5. Main Directions of the Unified State Monetary Policy for 2020 and the Period 2021 and 2022. Bank of Russia. Moscow, 2019, 148 p. (In Russian). 6. Minakir P.A. Russian Crisis: Expectations Against Facts. Prostranstvennaya Ekonomika = Spatial Economics, 2018, no. 1, pp. 7–15. (In Russian). 7. Minakir P.A. Shocks and Institutions: The Paradoxes of Russian Crisis. Prostranstvennaya Ekonomika = Spatial Economics, 2016, no. 1, pp. 7–13. (In Russian). 8. Minakir P.A. System Transformations in the Economy. Vladivostok, 2001, 536 p. (In Russian). 9. Minakir P.A., Goryunova N.P. Financial Crises in Emerging Markets. Moscow, 2006, 215 p. (In Russian). 10. Mirkin Ya. Team of Growth. Rossiyskaya Gazeta. Federalniy Vypusk [Russian Newspaper. The Federal Release], 2017, 11 November. Available at: (accessed January 2020). (In Russian). 11. Montes M.F., Popov V.V. Asian Virus or Dutch Disease: Theory and Evidence of Currency Crises in Russia and Elsewhere. Moscow, 1999, 136 p. (In Russian). 12. Natkhov T.V., Polishchuk L.I. Political Economy of Institutions and Development: The Importance of Being Inclusive. Zhurnal Novoy Ekonomicheskoy Assotsiatsii = Journal of the New Economic Association, 2017, no. 2 (34), pp. 12–38. (In Russian). 13. Petrakov N.Ya. Russian Roulette: Economic Experiment at the Cost of 150 Million Lives. Moscow, 1998, 286 p. (In Russian). 14. Prokapalo O.M., Bardal A.B., Isaev A.G., Mazitova M.G., Suslov D.V. Economic Situation in the Far Eastern Federal District in 2018. Prostranstvennaya Ekonomika = Spatial Economics, 2019, vol. 15, no. 2, pp. 110–149. 10.14530/se.2019.2.110-149 (In Russian). 15. Prokapalo О.М., Isaev A.G., Mazitova M.G. Economic Situation in the Far Eastern Federal District in 2015. Prostranstvennaya Ekonomika = Spatial Economics, 2016, no. 2, pp. 123–157. (In Russian). 16. Reduction of Russian Foreign Trade Turnover amid Slowing Global Economic Growth. Bulleten o Tekushchikh Tendentsiyakh Rossiyskoy Ekonomiki = Bulletins on Current Trends in Russian Economy, 2019, vol. 56, December. Analytical Center for the Government of the Russian Federation. Available at: (accessed January 2020). (In Russian). 17. Short-Term Economic Indicators of the Russian Federation. Federal State Statistics Service, 2018. Available at: (accessed January 2020). (In Russian). 18. Socio-Economic Situation in Russia. 2017. Federal State Statistics Service, 2018, no. 12. Available at: (accessed January 2020). (In Russian). 19. Socio-Economic Situation in Russia. 2018. Federal State Statistics Service, 2018. Available at: (accessed January 2020). (In Russian). 20. Socio-Economic Situation in Russia. 2019. Federal State Statistics Service, 2019a. Available at: (accessed January 2020). (In Russian). 21. Socio-Economic Situation in Russia. 2019. Federal State Statistics Service, 2019b, no. 12. Available at: (accessed January 2020). (In Russian). 22. Still Sluggish Global Growth. IMF, July 2019. Available at: (accessed January 2020). (In Russian). 23. Weaker Global Outlook Sharpens Focus on Domestic Reforms. December 4, 2019: 42nd Issue of the Russia Economic Report. World Bank, 2019, 72 p. Available at: (accessed January 2020). (In Russian). |
| Submitted | 11.02.2020 |
| Revised | 25.02.2020 |
| Published online | 30.03.2020 |