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Economic Analysis: Theory and Practice
 

A Russian approach to ensuring economic growth

Vol. 20, Iss. 7, JULY 2021

Received: 5 April 2021

Received in revised form: 26 April 2021

Accepted: 10 May 2021

Available online: 29 July 2021

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: D40, H10, H19, H54, L10

Pages: 1234–1255

https://doi.org/10.24891/ea.20.7.1234

Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article investigates a Russian approach to ensuring economic growth.
Objectives. The aim is to identify the basis of the Russian approach to ensuring economic growth.
Methods. The study rests on the systems approach, using the methods of statistical, neural network, and cluster analysis.
Results. The paper defines the structural importance of exports of goods and services, and changes in inventories. It highlights significant links with public consumption expenditures. The Russian approach to ensuring economic growth comes down to devaluation of the national currencyб resulting from the loss of the real inflationary potential of economic growth to maintain the volume of exports of goods and services in the context of maintaining public consumption expenditures. The increase in M2 forces the Central Bank of the Russian Federation to increase its foreign exchange reserves. This has a restraining effect on the growth of Russian Ruble’s monetary exchange rate. This phenomenon causes a drop in the Russian federal loan bond (OFZ) index and a replacement of strategic priorities with tactical ones.
Conclusions. The basis of the Russian approach to ensuring economic growth is a reflection of the limits of the Russian economy development and the effectiveness of the Government of the Russian Federation.

Keywords: foreign exchange reserves, government consumption, inflation, potential, monetary exchange rate

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