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PROBLEMS OF MODERN ECONOMICS, N 3 (67), 2018
ISSUES OF ECONOMIC THEORY. MACROECONOMICS
Kapkanshchikov, S. G.
Head of the Chair of Economic Theory, Ulyanovsk State University, PhD (Economics), Professor
Kapkanshchikova S. V.
Head of the Chair of Customs Procedures and Legal Support of Foreign Economic Activity, Ulyanovsk State University, PhD (Economics)

Differences between the post-sanction and post-default devaluation of the Russian ruble and the problematic character of the restauration growth(Russia, Ulyanovsk)
The article presents a detailed comparative analysis of ruble devaluation in 1998 and in 2014–2016 and makes a conclusion on the primarily negative impact of post-sanction weakening of the currency exchange rate upon the economic dynamics of the country. This conclusion is based on the following factors: relatively synchronic devaluation of currencies of Russia’s principal trade partners; high degree of production capacities utilization in the Russian economy; high proportion of foreign equipment in the production process; lack of pre-devaluation over-evaluation of the ruble exchange rate; exacerbation of the “Dutch disease” resulting in the impossibility of the restoration growth within the frames of existing structure of the national economy. Comprehensive accounting of these highly significant factors in the economic politics of the Russian state eliminates ungrounded post-devaluation hopes related to rapid GNP development in the nearest future and requires implementation of the complex approach to the formation of the mechanism that could overcome autonomous recession.
Key words: ruble devaluation, sanctions, hybrid war, post-devaluation import substitution, corporate debt to non-residents, «Dutch disease»
Pages: 80 - 83



Литература
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4. Миронов В.В. Российская девальвация 2014–2015 гг.: падение в пропасть или окно возможностей? // Вопросы экономики. — 2015. — № 12. — С.5–31.
5. Маневич В. Альтернативные стратегии преодоления стагнации и «новая модель роста» российской экономики // Вопросы экономики. — 2017. — № 8. — С. 121–137.

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