| By: |
Cédric Durand (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII, CEMI - Centre d'étude des modes d'industrialisation - EHESS);
Maxime Petrovski (CEMI - Centre d'étude des modes d'industrialisation - EHESS) |
| Abstract: |
In this contribution, we shall try to characterise the Russian growth model
the way it appears to have emerged in the 2000s, which we believe useful to
explain the country's macroeconomic successes at an earlier stage as well as
the severe problems it has to face now. We shall begin by presenting the
macroeconomic indicators of the Russian Federation between the 1998 crash and
up to the recent 2008 crisis, showing their very significant improvements in
practically every area (part 1). However, the qualitative aspects of the
economic growth suggest asking whether one the main reasons of Russia's
economic success (high commodity prices) did not make it seriously sick with
the “Dutch disease” (part 2). We shall further show that the impressive growth
before the 2008 crisis was followed by a yet more impressive shock hitting the
economy to the extent that very few analysts had imagined (part 3). We believe
that the propagation of the crisis was amplified by the specific features of
the capitalist system that emerged in Russia in the 2000s, particularly its
“international regime” (part 4). We conclude our contribution by saying that
the Russian model in the 2000 appeared to be intrinsically unstable before
suggesting possible scenarios of finding paths to a sustainable growth model. |
| Keywords: |
Russia - diversity of Capitalism - exportism - dutch disease - resource curse - post-soviet transformation |
| Date: |
2009–07–16 |
| URL: |
http://d.repec.org/n?u=RePEc:hal:journl:hal-00407814_v1&r=cis |