Subject. The article investigates the development of Russia's economy. Objectives. The purpose is to identify conditions for the Russian economy development in the context of changes in the consolidated account at current prices and GDP in constant prices. Methods. The study rests on the systems approach, using the statistical analysis method. Results. The analysis of trends in the consolidated account at current prices and real GDP unveils conditions for the Russian economy development. I define the trigger for the transition of the Russian economy from the unmanageable to the difficult-to-manage rates of growth (RG) of GDP in constant prices, and establish its limits within the limits of RG of Secondary Distribution of Income Account, Use, Current Transfers Transferred to the 'Rest of the World'. The limits are mediated by major exporters of hydrocarbons and armaments, which operate on a transfer basis, undermining the ability to regulate the real sector of the economy through the Generation of Income Account, Use, Subsidies for Production and Import, Other Subsidies for Production and Capital Transactions Account, Use, Changes in Inventories. Conclusions. The findings expand the scope of knowledge and form new competences of the authorities to make management decisions on the Russian economy development by influencing the consolidated account indicators in current prices and GDP in constant prices, as part of the monetary policy of the Central Bank of the Russian Federation.
Keywords: consolidated account, real GDP, current transfer, rates of gain, trigger
References:
Ki-Hoon Lee, Junsung Noh, Jong Seong Khim. The Blue Economy and the United Nations' Sustainable Development Goals: Challenges and Opportunities. Environment International, 2020, vol. 137, Article 105528. URL: Link
Muff K., Kapalka A., Dyllick T. The Gap Frame – Translating the SDGs into Relevant National Grand Challenges for Strategic Business Opportunities. The International Journal of Management Education, 2017, vol. 15, iss. 2, part B, pp. 363–383. URL: Link
Kumi E., Yeboah T., Kumi Y.A. Private Sector Participation in Advancing the Sustainable Development Goals (SDGs) in Ghana: Experiences from the Mining and Telecommunications Sectors. The Extractive Industries and Society, 2020, vol. 7, iss. 1, pp. 181–190. URL: Link
García-Sánchez I.-M., Aibar-Guzmán B., Aibar-Guzmán C., Rodríguez-Ariza L. “Sell” Recommendations by Analysts in Response to Business Communication Strategies Concerning the Sustainable Development Goals and the SDG Compass. Journal of Cleaner Production, 2020, vol. 255, Article 120194. URL: Link
Requejo-Castro D., Giné-Garriga R., Pérez-Foguet A. Data-driven Bayesian Network Modelling to Explore the Relationships Between SDG 6 and the 2030 Agenda. Science of the Total Environment, 2020, vol. 710, Article 136014. URL: Link
Biggeri M., Clark D.A., Ferrannini A., Mauro V. Tracking the SDGs in an ‘Integrated’ Manner: A Proposal for a New Index to Capture Synergies and Trade-Offs Between and Within Goals. World Development, 2019, vol. 122, pp. 628–647. URL: Link
Zhaorui Jing, Jinman Wang. Sustainable Development Evaluation of the Society–Economy–Environment in a Resource-Based City of China: A Complex Network Approach. Journal of Cleaner Production, 2020, vol. 263, Article 121510. URL: Link
Kannan Govindan, Madan Shankar K., Devika Kannan. Achieving Sustainable Development Goals Through Identifying and Analyzing Barriers to Industrial Sharing Economy: A Framework Development. International Journal of Production Economics, 2020, vol. 227, Article 107575. URL: Link
Jiahui Tang, Menghua Tong, Yuhuan Sun et al. A Spatio-Temporal Perspective of China's Industrial Circular Economy Development. Science of the Total Environment, 2020, vol. 706, Article 135754. URL: Link
Schröder P., Lemille A., Desmond P. Making the Circular Economy Work for Human Development. Resources, Conservation and Recycling, 2020, vol. 156, Article 104686. URL: Link
Kalmykova Y., Sadagopan M., Rosado L. Circular Economy – From Review of Theories and Practices to Development of Implementation Tools. Resources, Conservation and Recycling, 2018, vol. 135, pp. 190–201. URL: Link
Jørgensen M.S., Remmen A. A Methodological Approach to Development of Circular Economy Options in Businesses. Procedia CIRP, 2018, vol. 69, pp. 816–821. URL: Link
Corona B., Shen L., Reike D. et al. Towards Sustainable Development Through the Circular Economy – A Review and Critical Assessment on Current Circularity Metrics. Resources, Conservation and Recycling, 2019, vol. 151, Article 104498. URL: Link
Sengupta P., Choudhury B.K., Mitra S., Agrawal K.M. Low Carbon Economy for Sustainable Development. Encyclopedia of Renewable and Sustainable Materials, 2020, vol. 3, pp. 551–560. URL: Link
Bresser-Pereira L.C., Araújo E.C., Peres S.C. An Alternative to the Middle-Income Trap. Structural Change and Economic Dynamics, 2020, vol. 52, pp. 294–312. URL: Link
Faskhutdinov A. Modernization of the Russian Economy in Terms of Innovative Development. Procedia – Social and Behavioral Sciences, 2015, vol. 210, pp. 188–192. URL: Link
Reshetova L.V. [Socio-economic aspects of the formation of Russia's real technological development model]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2017, vol. 13, iss. 3, pp. 491–503. (In Russ.) URL: Link
Selezneva I.E. [The econometric model of economic growth of the nation in line with the resource-based and export-oriented economy and scientific and technological progress]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2017, vol. 13, iss. 5, pp. 843–856. (In Russ.) URL: Link
Starodubtseva E.B. [Russia in the global economy: Challenges and opportunities]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2019, vol. 15, iss. 1, pp. 96–110. (In Russ.) URL: Link
Simonyan G.V. [Governmental models to support export at the international level]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2019, vol. 15, iss. 1, pp. 111–123. (In Russ.) URL: Link
Shevchenko I.V., Korobeinikova M.S. [Tax overhaul in the oil and gas sector of Russia]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 10, pp. 1845–1871. (In Russ.) URL: Link
Klochkov V.V. [Analyzing the effect of technological shifts in power engineering in terms of sustainability of the Russian economy]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2017, vol. 13, iss. 4, pp. 684–698. (In Russ.) URL: Link
Tao Liu, Dong Lu. Trade, Finance and Endogenous Invoicing Currency: Theory and Firm-Level Evidence. Pacific-Basin Finance Journal, 2019, vol. 56, pp. 21–44. URL: Link
Devereux M.B., Wei Dong, Tomlin B. Importers and Exporters in Exchange Rate Pass-Through and Currency Invoicing. Journal of International Economics, 2017, vol. 105, pp. 187–204. URL: Link
Hiro Ito, McCauley R.N. Currency Composition of Foreign Exchange Reserves. Journal of International Money and Finance, 2020, vol. 102, Article 102104. URL: Link
D'Orazio P. Income Inequality, Consumer Debt, and Prudential Regulation: An Agent-Based Approach to Study the Emergence of Crises and Financial Instability. Economic Modelling, 2019, vol. 82, pp. 308–331. URL: Link
