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OECD Economic Surveys: Russian Federation 2009
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- Table of contents
- Basic Statistics of the Russian Federation
- Executive summary
- Assessment and recommendations
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Chapter 1.
Stabilisation and renewed growth: key challenges
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The high growth rates of the past 10 years were boosted by temporary factors, as the severity of the current crisis has confirmed
- Figure 1.1. Real GDP growth
- Figure 1.2. Utilisation of labour and capital
- Figure 1.3. Gross fixed capital formation
- Figure 1.4. FDI inflows as a percentage of GDP, average 1999-2007
- Part of the growth acceleration can be attributed to policies
- + Improvements in the terms of trade were another positive growth factor
- + The quality and resilience of growth were called into question well before the onset of the crisis
- + The main short-term challenge is minimising the extent of the economic downturn while safeguarding macroeconomic stability and fiscal sustainability
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Beyond the current crisis, Russian Federation faces a number of longer-term challenges
- Oil will continue to have a strong influence on the economy, and needs to be skilfully managed
- As ever, capable implementation of macroeconomic policies is key
- Comprehensive reform in a range of areas would boost long-term potential substantially
- The banking sector could contribute to stronger potential growth, and could be made less crisis-prone
- More competitive product markets would boost innovation and productivity growth
- Notes
- Bibliography
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The high growth rates of the past 10 years were boosted by temporary factors, as the severity of the current crisis has confirmed
- + Chapter 2. Ensuring growth-friendly fiscal policy in both the short and the long term
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Chapter 3.
Making exchange rate policy more flexible and monetary policy more effective
- + The record of monetary policy during the years of rising commodity prices was mixed
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The global recession and sharply falling commodity prices posed a severe policy challenge
- Figure 3.6. Official exchange rate against dollar-euro basket
- Figure 3.7. Premium of NDF rate over RUB/USD spot rate (in %)
- Figure 3.8. Oil price and Russian exchange rates
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Preparations for inflation targeting should be accelerated
- Figure 3.9. Inflation and GDP per capita in countries which have introduced inflation targeting
- Figure 3.10. Weight of food prices in CPI versus income in selected countries, 2007
- Table 3.1. Main traditional preconditions for successful inflation targeting
- Box 3.2. Recommendations on monetary and exchange rate policy
- Notes
- Bibliography
- + Annex 3.A1. Inflation targeting in emerging markets and commodity-exporting countries
- + Annex 3.A2. Econometric estimation of the empirical determinants of inflation in the Russian Federation
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Chapter 4.
Making the banking sector more efficient and resilient
- The global economic crisis has revealed weaknesses in banking sector, but also brings opportunities
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Development of the Russian banking system – gradual maturation punctuated by crises
- + Phase I – Early transition: A proliferation of banks, but little effective intermediation
- + Phase II – Recovery from the 1998 crisis and planning for development of the system
- + Phase III – Improved regulation and growing strength, though with emerging imbalances
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Phase IV– The current crisis
- Figure 4.8. Consumer lending
- Figure 4.9. Exposure to foreign liabilities
- Figure 4.10. Banking system liquidity
- Figure 4.11. Crisis impact on banks
- Box 4.3. Gaming the system – selected schemes for circumventing prudential and tax regulations
- Box 4.4. Anti-crisis measures to support the banking system
- + Strengths and weaknesses of the current system
- Dealing with the current crisis and reducing the probability of future ones
- + Achieving a deeper and more efficient banking system
- Notes
- Bibliography
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Chapter 5.
Improving regulation in Russia’s goods and services markets
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The OECD’s PMR indicators
- + The extent of product market competition in Russia is generally weak
- + Product market competition improves economic performance
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The detailed PMR indicator results and policy recommendations12
- Notes
- Bibliography
- + Annex 5.A1. Regulation in the Russian electricity sector
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Annex 5.A2.
Results of the 2008 PMR assessment of the Russian Federation
- Figure 5.A2.1. Scope of the public enterprise sector
- Figure 5.A2.2. Direct control over business enterprises
- Figure 5.A2.3. Government involvement in network sectors
- Figure 5.A2.4. The use of command and control regulation
- Figure 5.A2.5. Price controls
- Figure 5.A2.6. The licences and permits system
- Figure 5.A2.7. Communication and simplification of rules and procedures
- Figure 5.A2.8. Administrative burdens for corporations
- Figure 5.A2.9. Administrative burdens for sole proprietor firms
- Figure 5.A2.10. Sector-specific administrative burdens
- Figure 5.A2.11. Legal barriers
- Figure 5.A2.12. Antitrust exemptions
- Figure 5.A2.13. Barriers in network sectors
- Figure 5.A2.14. Barriers to entry in services
- Figure 5.A2.15. Barriers to FDI (foreign ownership)
- Figure 5.A2.16. Discriminatory procedures
- Figure 5.A2.17. Regulatory barriers
- Figure 5.A2.18. Tariffs
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The OECD’s PMR indicators
- Glossary
OECD's periodic survey of the Russian economy. This 2009 edition includes chapters on stabilisation and renewed growth, growth-friendly fiscal policy, more flexible exchange rate policy and more effective monetary policy, making the banking sector more efficient and resilient, and improving regulation in goods and services markets.
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Categories
Business & Economics > International > Economics
Publishers
Publication year : 2009
License: All rights reserved ©
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