+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Digest Finance

Russia's economy: reality and expectations

Vol. 20, Iss. 4, DECEMBER 2015

PDF  Article PDF Version

Received: 16 July 2015

Accepted: 28 July 2015

Available online: 28 October 2015


JEL Classification: 

Pages: 24-39

Kulikov N.I. Tambov State Technical University, Tambov, Russian Federation

Kulikov A.N. ZAO Agrofirma Svoboda, Svoboda, Nikiforovsky District, Tambov Oblast, Russian Federation

Importance As the Russian economy continues facing the crisis phenomena and challenges, it becomes even more important to stabilize the economic situation in the country. The article analyzes and evaluates the state-of-the-art and structure of the national economy. We review possible implications and consequences of the crisis that may arise from the Western countries' sanctions, drop in the Ruble exchange rate, falling cost of oil. The research examines the current banking sector and possible stabilization measures. The article also puts special focus on import substitution.
     Methods The practical framework of the research relies upon the methods of analysis and synthesis of scientific and information data basis. Scientific proceedings of national and foreign scholars on the theory and practice of banking services make up a theoretical underpinning of the research.
     Results We propose measures to change the structure of economy, and reform the financial policy. The article also describes areas for improving the fiscal and monetary policy of the Central Bank of the Russian Federation.
     Conclusions and Relevance Following the research, we conclude on the need to enhance the role of import substitution and propose measures for encouraging and supporting the Russian commodity producers. The structure of economy should be altered so to reestablish the economic balance in the country. Such measures should be a driver of the socio-economic stability. When analyzing the State policy for the banking sector support, we expressed our ideas on reforming the fiscal and monetary policy of the Central Bank of the Russian Federation.

Keywords: economic crisis, stabilization, structure, import substitution, fiscal and monetary policy


  1. Ulyukaev A.V., Kulikov M.V. Denezhno-kreditnaya politika na etape investitsionnogo razvitiya ekonomiki [The fiscal and monetary policy during the development of economic investment]. Available at: Link. (In Russ.)
  2. Vukovich G.G., Suleimanova V.E. Osobennosti realizatsii denezhno-kreditnoi politiki Rossiiskoi Federatsii [Specifics of implementing the fiscal and monetary policy of the Russian Federation]. Available at: Link. (In Russ.)
  3. Shumaev V., Morkovkin D. Importozameshchenie kak strategicheskoe napravlenie innovatsionno-industrial'nogo razvitiya ekonomki Rossii [Import substitution as a strategic direction of innovation and industrial development of the Russian economy]. RISK: Resursy, informatsiya, snabzhenie, konkurentsiya = RISC: Resources, Information, Supply, Competition, 2014, no. 4, pp. 123–126.
  4. Leont'eva E.L. Ekonomika Yaponii v usloviyakh mirovogo krizisa. V kn.: Ezhegodnik “Yaponiya” [Japan's economy during the global crisis. In: Yearbook Japan]. Moscow, AIRO-XXI Publ., 2009, pp. 57–64.

View all articles of issue


ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 28, Iss. 3
September 2023