| | PROBLEMS OF MODERN ECONOMICS, N 3 (55), 2015 | | ISSUES OF ECONOMIC THEORY. MACROECONOMICS | | Liakin A. N. Head of the Chair of economic theory and economic politics, St. Petersburg State University, PhD (Economics), Professor
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| While devaluation of the ruble was a reaction to the changing external conditions in the functioning of the Russian economy, its consequences for the real sector remain unclear. On the one hand, protectionist politics of internal production creates potential for growth in the manufacturing sector and stimuli for import substitution. On the other hand, weakening of the national currency accelerated inflation, which returns the exchange rate to its real level. Dollarization of the economy, growth of costs for imported investment goods and the increase of interest rates turn into obstacles of the growth | Key words: devaluation, real exchange rate, import substitution | Pages: 110 - 114 |
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