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The specifics of shadow economy in Russia

Vol. 26, Iss. 9, SEPTEMBER 2020

Received: 23 July 2020

Received in revised form: 6 August 2020

Accepted: 20 August 2020

Available online: 29 September 2020

Subject Heading: Financial system

JEL Classification: Е26

Pages: 2096–2115

https://doi.org/10.24891/fc.26.9.2096

Ermakova E.R. National Research Ogarev Mordovia State University (MRSU), Saransk, Republic of Mordovia, Russian Federation
eka-tsulaya@yandex.ru

https://orcid.org/0000-0001-8464-9605

Lizina O.M. National Research Ogarev Mordovia State University (MRSU), Saransk, Republic of Mordovia, Russian Federation
lizinaom@yandex.ru

ORCID id: not available

Subject. The article investigates the shadow economy phenomenon in Russia.
Objectives. The purpose is to determine the role of shadow economy in the reproduction process, identify its specifics in Russia.
Methods. The study rests on general scientific methods (scientific abstraction, the unity of historical and logical, analysis and synthesis, induction and deduction, methods of comparison and analogy), special cognition methods (monetary techniques), and systems and integrated approaches. Official statistics data, statutory instruments, works of leading researchers on shadow economy expansion serve as the information base of the paper.
Results. We present a retrospective analysis of shadow economic activities in Russia, identify the specifics of shadow relations in the Russian economy, appealing to political, institutional, and socio-cultural changes in the Russian society. We also highlight factors that played a key role in a particular period. The paper provides a detailed description of the modern period of development and assesses the influence of external shocks on the shadow economy.
Conclusions. The current period is characterized by the digitalization of shadow relations, shift of corruption to the highest levels of power, persistence of capital outflow, increased penalties for shadow activities. The findings may be useful for introducing the mechanisms to combat money laundering.

Keywords: shadow economy, corruption, cash, capital outflow, suspicious financial transactions

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