Subject. The study investigates the impact of shocks on the economic dynamics during recurring crises. Nevertheless, the impact of exogenous shocks may turn to be minor for GDP of some countries, while they cause unfavorable consequences for the economic development of others. Objectives. I herein identify factors of resilience in the Russian economy, referring to three different crises that took place in 2000–2020, by conducting a theoretical overview of the concept Economic Resilience and resilience factors of economic systems against different shocks. Methods. The decomposition of macroeconomic indicators is the principal method of research. The resilience of the Russian economy and other advanced economies was assessed by macroeconomic indicators related to trends in GDP and the unemployment level. I point out two groups of factors – the innate and acquired (adaptability). Results. During the global financial crisis in 2008, the Russian economy demonstrated its innate factors, such as the availability of considerable reserves and capital mobility between the financial and industrial sectors, as well as adaptive factors as part of the national anti-crisis policy. During the period of sanctions, the resilience of the Russian economy stemmed from the enormous potential of the industrial sector and R&D, considerable reserves for production development, which underlay the import substitution policy. Finally, in the outbreak of the 2020 crisis, Russia managed to handle the crisis much better than the leading countries of the world, since there is a prevalence of State-owned large business and the domestic localization of value added chains. Conclusions and Relevance. The study substantiated the objectivity of resilience factors of the Russian economy during multiple crises, i.e. a combination of financial, commercial, political and pandemic crises.
Yu Z., Razzaq A., Rehman A. et al. Disruption in Global Supply Chain and Socio-Economic Shocks: A lesson from COVID-19 for Sustainable Production and Consumption. Operations Management Research, 2021, no. 3. URL: Link
Rose A., Liao S. Modeling Regional Economic Resilience to Disasters: A Computable General Equilibrium Analysis of Water Service Disruptions. Journal of Regional Science, 2005, vol. 45, iss. 1, pp. 75–112. URL: Link
West C., Lenze D. Modeling the Regional Impact of Natural Disaster and Recovery. International Regional Science Review, 1994, vol. 17, iss. 2, pp. 121–150. URL: Link
Holling C. Resiliency and Stability of Ecological Systems. Annual Review of Ecological Systems, 1973, vol. 4, pp. 1–24. URL: Link
Lele S. Resilience, Sustainability Environmentalism. Environment and Development Economics, 1998, vol. 3, iss. 2, pp. 221–262. URL: Link
Tinch R. Resilience and Resource Management Under Risk. Norwich, School of Environmental Science, 1998.
Tierney K. Impacts of Recent Disasters on Businesses: The 1993 Midwest Floods and the 1994 Northridge Earthquake. In: Jones B. (Ed.) Economic Consequences of Earthquakes: Preparing for the Unexpected. Buffalo, NY, National Center for Earthquake Engineering Research, 1997.
Comfort L. Shared Risk: Complex Seismic Response. New York, NY, Pergamon, 1999.
Petak W. Earthquake Resilience Through Mitigation: A System Approach. Laxenburg, International Institute for Applied Systems Analysis, 2002.
Adger W.N. Social and Ecological Resilience: Are They Related? Progress in Human Geography, 2000, vol. 24, no. 3, pp. 347–364. URL: Link
Coad A. The Growth of Firms: A Survey of Theories and Employment Evidence. Papers on Economics and Evolution, 2009, #0703. URL: Link
Fingleton B., Garretsen H., Martin R. Recessionary Shocks and Regional Employment: Evidence on the Resilience of UK Regions. Journal of Regional Science, 2012, vol. 52, iss. 1, pp. 109–133. URL: Link
Hill E., Wial H., Wolman H. Exploring Regional Economic Resilience. Working Paper University of California, Institute of Urban and Regional Development (IURD), 2008, no. 4. URL: Link
Lagarde C.Building a More Resilient and Inclusive Global Economy. Washington, IMF, 2017.
Bristow G., Healy A. Innovation and Regional Economic Resilience: An Exploratory Analysis. The Annals of Regional Science, 2017, vol. 60, iss. 2, pp. 1–20. URL: Link
Courvisanos J., Jain A., Mardaneh K.K.Economic Resilience of Regions under Crises: A Study of the Australian Economy. Journal of Regional Studies, 2016, vol. 50, no. 4, pp. 629–643. URL: Link 404.2015.1034669
Davies S. Regional Resilience in the 2008–2010 Downturn: Comparative Evidence from European Countries. Cambridge Journal of Regions Economy and Society, 2011, vol. 4, iss. 3, pp. 369–382. URL: Link
Martin R. Regional Economic Resilience, Hysteresis and Recessionary Shocks. Journal of Economic Geography, 2012, vol. 12, iss. 1, pp. 1–32. URL: Link
Akberdina V., Grebyonkin A., Bukhvalov Yu. [Simulation of Innovative Resonance in the Industrial Regions]. Ekonomika regiona = Economy of Region, 2015, iss. 4, pp. 289–308. URL: Link